Ideanomics (IDEX) Stock Exploded 100% Higher: What Happened?

Ideanomics Inc IDEX shares traded higher by some 102% to $0.048 during Monday's session on abnormally-high volume. The Benzinga newsdesk did not see any company-specific news to justify the price action.

So What's Up?

IDEX stock rose on heavy volume Friday with 708 million shares traded, representing a 20x increase from the trailing 100-day volume of 34.78 million shares. The increase in share price meanwhile took place as the stock trended across social media platforms.

The sum of shares traded Monday also surpassed the total share float of Ideanomics. The stock has a share float of 533.65 million, of which some 12.51% are sold short.

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Ideanomics is engaged in accelerating the commercial adoption of electric vehicles.

According to data from Benzinga Pro, IDEX has a 52-week high of $0.89 and a 52-week low of $0.02.