What's Going On With Ideanomics (IDEX) Stock Tuesday?

Ideanomics, Inc. IDEX shares are surging 50% higher on Tuesday after gaining over 100% in the last five trading days.

What To Know:

Ideanomics shares are rocketing higher on Tuesday on extremely high volume with over 366 million shares traded, far exceeding its average daily volume of 73.85 million shares. IDEX stock has been trading on an upward trend over the last five trading sessions, more than doubling its value with gains of over 125%.

On Monday, Ideanomics filed a report with the SEC regarding the transfer of Ideanomics' partnership interest in the Minority Depository Institution Keepers Fund (MDI Fund) to Uber Technologies, Inc. The report states that Ideanomics had committed to investing $25 million in the MDI Fund over three years, but Ideanomics has not made two required contributions. As a result, Ideanomics has transferred its partnership interest and obligations to Uber for no additional consideration.

Ideanomics, Inc. is focused on the global adoption of commercial electric vehicles (EVs) and conducts its operations globally in one segment with three business units, Ideanomics Mobility, Ideanomics Energy and Ideanomics Capital. Ideanomics Mobility focuses on electric vehicles, including delivery trucks and vans, tractors and two-wheelers. 

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IDEX Price Action:  Ideanomics shares are trading 50% higher at $0.0945 at the time of publication. According to data from Benzinga Pro, 10.46% of outstanding shares are currently being sold short.

Photo: Courtesy of Ideanomics, Inc.