Most electric vehicle sector investors are busy focusing on companies that produce cars and trucks. Yet, you might be willing to try something new. If so, then I invite you to consider IdeanomicsÂ (NASDAQ:IDEX) and perhaps even accumulate a few shares of IDEX stock.
If you insist on only owning shares of companies that actually manufacture electric vehicles, then IDEX stock might not be what youâ€™re looking for right now.
Ideanomics doesnâ€™t produce electric cars and trucks, but the company does â€œfacilitateâ€ (i.e., monetize) the adoption of electric vehicles by commercial fleet operators.
Itâ€™s a growing company with its headquarters in New York and operations in the U.S.,Â China,Â Ukraine andÂ Malaysia. Yet, many American traders havenâ€™t taken a look at IDEX stock. Today we try to bring Ideanomics the attention that it deserves.
IDEX Stock at a Glance
The first thing to observe about IDEX stock is that it has the potential to spike high and fast. Itâ€™s difficult to predict when this might happen, but IDEX is the type of stock that could offer a quick profit to nimble traders.
There are numerous examples of this. During the first half of 2017, IDEX stock climbed from $1.15 to more than $3. Later that same year, after retreating below $2, IDEX jumped above $5.
For anyone who missed that opportunity, IDEX gave traders another chance to double their money in 2018. That year, IDEX stock again fell below $2 and then rocketed above $5.
Similar moves have been witnessed in 2020. We observed IDEX stock spiking from 38 cents to more than $3 in June, and then from 82 cents to over $3 in November.
In early December, IDEX stock traded near the $2 level. There are no guarantees, but history shows that this stock is perfectly capable of shooting up to $3, $4 or even $5 again.
Not Your Typical EV Investment
When you think of electric vehicle companies, cars and trucks probably come to mind. Thereâ€™s actually more to the electric vehicle market than that.
Hereâ€™s something you probably havenâ€™t thought about much lately: 100% battery-powered electric tractors as an alternative to diesel tractors. Thatâ€™s what Californiaâ€™sÂ Soletrac develops, assembles and distributes for agriculture and utility operations.
That might not sound like a red-hot market today. However, it could be next yearâ€™s fast-growing niche opportunity. According to an Ideanomics press release, â€œElectric tractors are poised to disrupt the $75 billion global agricultural tractor industry.â€
To capitalize on this, Ideanomics just acquired 14.7% of Solectrac. That investment increases Ideanomicsâ€™ ownership of Solectrac to 24%. Itâ€™s a bold foray into a potentially high-growth electric vehicle niche.
A Prominent Hire
Another underappreciated part of the electric vehicle market is electric scooters. Ideanomicsâ€™ subsidiary, Tree Technologies, specializes in selling electric scooters, also known as e-bikes.
Encouragingly, Ideanomics recently brought Richard Teoh on board to serve as the new CFO of Treeletrik. Teoh was previously the director of group finance controlling at VolkswagenÂ (OTCMKTS:VWAGY) Group Malaysia.
In his role at Volkswagen, Teoh â€œwas responsible for the financial oversight of the commercial distribution and manufacturing of vehicles.â€ All together, Teoh â€œbrings to Treeletrik over 20 years of financial control, planning, leadership, and management experience.â€
As you might be aware, Volkswagen is known for making its own foray into electric vehicles, particularly with the planned introduction of an all-electric SUV. Without a doubt, Teoh will offer vast knowledge, experience and overall value to Treeletrik and therefore to Ideanomics and its stakeholders.
Other electric vehicle niche stocks might be expensive now, and possibly overpriced. In contrast, you can own shares of IDEX stock at an affordable price point.
Itâ€™s an under-the-radar opportunity as Wall Street hasnâ€™t pumped IDEX stock to sky-high levels yet. Given Ideanomicsâ€™ unusual angle in the electric vehicle space, itâ€™s conceivable that the company and stock are destined for greatness.
On the date of publication, neither LouisÂ Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.