Investors who bought stocks during the COVID-19 market crash in 2020 have generally experienced some big gains in the past two years. But there is no question some big-name stocks performed better than others since the pandemic bottom.
Ideanomics' Bumpy Ride: One company that has been a rollercoaster investment in the past two years has been electric vehicle and fintech services stock Ideanomics Inc (NASDAQ:IDEX).
Ideanomics is a far cry from some of the fresh new EV and fintech startup stocks that have collectively rallied over the past year. In fact, Ideanomics was founded way back in 2004 as China Broadband, and it has gone through eight different name and identity changes in the past 17 years.
Ideanomics is also still not profitable after 17 years, and net losses have increased significantly since 2017.
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At the beginning of 2020, Ideanomics shares were trading at 85 cents. By the beginning of March, the stock was down to 36 cents as news of the coronavirus spreading in China prompted concerns about a U.S. pandemic. On March 6, Ideanomics shares dropped all the way down to 28 cents in intraday trading, its low point of the pandemic.
Fortunately for Ideanomics investors, the stock rebounded along with the rest of the market in the weeks that followed.
Ideanomics shares hit $1 in early June, but the rally was just getting started. The stock made it to $3.98 later that month before stalling out for several months.
Ideanomics In 2022, Beyond: Ideanomics shares eventually made it as high as $5.53 in February 2021. Unfortunately, a market rotation out of unprofitable growth stocks and into value stocks hit the alternative energy group hard. Over the last year, Ideanomics shares have given up much of their gains and now trade at just 59 cents.
In March 2022, Ideanomics announced it had received a notice from the Nasdaq stating it is no longer in compliance with listing on the exchange after delaying its annual financial report indefinitely. In its most recent annual report in 2020, the company reported a $98.2 million net loss.
Still, investors who bought Ideanomics on the day it hit its 2020 pandemic low and held on have generated an impressive return on their investment. In fact, $1,000 in Ideanomics stock bought on March 6, 2020, would be worth about $1,948 today.
Looking ahead, analysts are expecting Ideanomics stock to rebound in the next 12 months. The average price target between the two analysts covering the stock is $2, suggesting 238.2% upside from current levels.
