Why Ideanomics Stock Is Soaring As We Speak | Zoom Fintech
Actions of Ideal (NASDAQ: IDEX) are currently looming after the company announced it was investing additional money in electric tractor company Solectrac.
Tech action rose 87% at the start of the year and leveled off at 57.1% as of 11:32 a.m. EST.
Ideanomics mentioned in a press release that the company is currently providing additional funding of $ 1.3 million in Solectrac. This funding follows a preliminary funding that Ideanomics achieved within the company at the end of October.
Provision of images: Getty Photographs.
Ideanomics’ one-time financing gave it a 14.7% stake in Solectrac, and the new financing boosts its ownership within the company to around 22%, once everything is finalized.
Buyers were thrilled to see the business expand further into this home, possible due to Ideanomics’ estimates that electric tractors “disrupt the $ 75 billion international farm tractor market.”
Alf Poor, CEO of Ideanomics, said at the press launch: “We consider Solectrac to have monumental potential and, given the increase in inquiries about each product and the funding curiosity they see , we have exercised our rights to expand our ownership so that we can help Scale Solectrac to meet anticipated market demand.
An organization that takes a larger stake in another business is critical information. However, the announcement of Ideanomics does not seem to justify the meteoric rise in its current stock market price. The stock has seen some crazy swings over the past year (and over the past few years, for that matter), and right now the huge rebound needs to be more of a warning signal for some traders, rather than a celebration trigger. Because he did it last week, this headline seems to evolve on simple press releases.
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Chris Neiger has no place in any of the actions mentioned. Fintech Zoom has no place in any of the actions in question. The Fintech Zoom has disclosure coverage.
The views and opinions expressed herein are the views and opinions of the author and do not primarily reflect those of Nasdaq, Inc.