Ideanomics Inc (NASDAQ:IDEX) Stock Consolidates After The Recent Fall

Global electric vehicle firm Ideanomics Inc (NASDAQ:IDEX) has come into considerable focus among investors this week and resulted in a rally in the company’s stock.

Market Stats

On Monday, TNXP stock jumped 6.62% at $0.58 with more than 21.13 million shares, compared to its average volume of 13.03 million shares. The stock has moved within a range of $0.5410 – 0.5847 after opening trading at $0.55.

Latest News

The main trigger behind the latest rally in the stock was a crowd funding platform that is focussed on the environmental, social and governance or ESG sector. As a matter of fact, the news about the crowd funding platform had been announced by Ideanomics back on November 12. The company announced that the crowd funding platform JUSTLY Markets was an equity crowd funding platform and was supposed to provide investors of all levels of income to with an outlet for investing in start ups as well as private companies which may be at the early stage of development.

Due to the availability of this platform, it is now possible for anyone to invest in ESG related companies as well as startups through contributions of as little as $100. It should be noted that the company announced the news about JUSTLY prior to the announcement of its financial results. The news came as a positive trigger for the Ideanomics stock and it flew by as much as 5% after the announcement.

Traders Corner

IDEX stock is trading below the 20-Day and 50-Day Moving averages of $1.97 and $2.01  respectively. Moreover, the stock is trading below the 200-Day moving average of $2.69. The stock is up 5% in the past month.