$IDEX How To Ride The Current Penny Stock Craze
Bankruptcy plays are falling out of season, and penny stock shenanigans seem to be the new fad. Currently, stocks trading at around a penny are running left, right, and center. A likely candidate for this trend is Ideanomics, Inc. (NASDAQ: IDEX) since it is one of the cheapest stocks on the NASDAQ exchange. With a history of sporadic runs, IDEX stock may be setting up to replicate the runs of its peers soon.
IDEX Fundamentals
A bunch of well-known stocks that are trading at pennies have experienced runs. They include T2 Biosystems, Inc. (NASDAQ: TTOO), EBET, Inc. (NASDAQ: EBET), Esports Entertainment Group, Inc. (NASDAQ: GMBL), Inpixon (NASDAQ: INPX), and Novo Integrated Sciences, Inc. (NASDAQ: NVOS). These runs could range from a 261% surge which is what occurred to NVOS stock or it could be a humble 53% run like what was witnessed with GMBL stock. Having said that, IDEX is one of the cheapest NASDAQ penny stocks out there and it has a history of parabolic runs which means the likelihood of the stock being targeted is higher than many others.
IDEX Financials
According to IDEX’s Q1 2023 report, its assets increased from $242.8 million to $316 million due to an increase in the amount due from related parties and its intangible assets. On the other hand, its liabilities skyrocketed from $96 million to $212 million largely due to its accounts payable, non-current contingent liabilities, and warrant liabilities.
When it comes to revenue the company experienced a significant hit falling from $25.3 million to $10.5 million YoY. That said, the company’s expenses increased substantially from $39.6 million to $86.8 million, which resulted in IDEX’s net loss increasing from $29 million to $85.8 million.
Technical Analysis
IDEX stock is in a neutral trend with the stock trading a sideways channel between $0.046 and $0.0548. Looking at the indicators, the stock is currently above the 21 MA which is a bullish indication, and below both the 200 and 50 MAs which is a bearish indication. Meanwhile, the RSI is neutral at 48 and the MACD is curling bearishly.
After hours, IDEX received a delisting notice due to not submitting its Q2 earnings on time while the stock was in the midst of testing its 50 MA support. As a result, the stock fell when the market opened, and is headed towards the 21 MA. As is, the stock is likely to retest 21MA support which could be a good entry point to capitalize on the growing trend of cheap NASDAQ penny stocks.
IDEX Forecast
The current NASDAQ penny stock craze is taking the trading community by storm which is why IDEX stock could prove to be a profitable trade. The stock has a history of sporadic runs and is an extremely cheap NASDAQ penny stock which is why it could end up replicating the runs of its peers.
IDEX Fundamentals
A bunch of well-known stocks that are trading at pennies have experienced runs. They include T2 Biosystems, Inc. (NASDAQ: TTOO), EBET, Inc. (NASDAQ: EBET), Esports Entertainment Group, Inc. (NASDAQ: GMBL), Inpixon (NASDAQ: INPX), and Novo Integrated Sciences, Inc. (NASDAQ: NVOS). These runs could range from a 261% surge which is what occurred to NVOS stock or it could be a humble 53% run like what was witnessed with GMBL stock. Having said that, IDEX is one of the cheapest NASDAQ penny stocks out there and it has a history of parabolic runs which means the likelihood of the stock being targeted is higher than many others.
IDEX Financials
According to IDEX’s Q1 2023 report, its assets increased from $242.8 million to $316 million due to an increase in the amount due from related parties and its intangible assets. On the other hand, its liabilities skyrocketed from $96 million to $212 million largely due to its accounts payable, non-current contingent liabilities, and warrant liabilities.
When it comes to revenue the company experienced a significant hit falling from $25.3 million to $10.5 million YoY. That said, the company’s expenses increased substantially from $39.6 million to $86.8 million, which resulted in IDEX’s net loss increasing from $29 million to $85.8 million.
Technical Analysis
IDEX stock is in a neutral trend with the stock trading a sideways channel between $0.046 and $0.0548. Looking at the indicators, the stock is currently above the 21 MA which is a bullish indication, and below both the 200 and 50 MAs which is a bearish indication. Meanwhile, the RSI is neutral at 48 and the MACD is curling bearishly.
After hours, IDEX received a delisting notice due to not submitting its Q2 earnings on time while the stock was in the midst of testing its 50 MA support. As a result, the stock fell when the market opened, and is headed towards the 21 MA. As is, the stock is likely to retest 21MA support which could be a good entry point to capitalize on the growing trend of cheap NASDAQ penny stocks.
IDEX Forecast
The current NASDAQ penny stock craze is taking the trading community by storm which is why IDEX stock could prove to be a profitable trade. The stock has a history of sporadic runs and is an extremely cheap NASDAQ penny stock which is why it could end up replicating the runs of its peers.