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$IDEX - AMC & GME are Not the Only Reddit Penny Stocks to Buy According to Top Wall Street Analysts

Penny Stocks to Buy According to Wall Street Analysts: Ideanomics Inc. IDEX

Ideanomics has seen a surge of interest over the last few weeks on Reddit. Traders are circulating rumblings of interest in electric vehicle penny stocks. If you look at Ideanomics’ model, the company focuses on a diversified entry into the space. It offers everything from electric cars and motorcycles to charging systems and EV agriculture products like tractors. Since May 11th, shares of IDEX stock have climbed by more than 30%.

If analysts at Roth Capital are to be believed, there could be much more upside based on their target. Roth currently has a Buy rating on the penny stock and gave it a $7 target earlier this quarter. Based on the recent $3 level, that would equate to a move of more than 130%. Whether or not the penny stock actually reaches those levels is to be seen. The current 52-week high sits at $5.53, which is also its all-time high.

Coming off of a strong earnings beat this month, retail traders have placed IDEX on their list of penny stocks to watch. According to CEO Alfred Poor, the outlook could be even brighter for the company. On a conference call earlier this month, Poor explained that its WAVE charging product line is being introduced in China with growing interest from seaports, airports, and trucking businesses. Also, the first vehicles under Treeletrik orders in Indonesia will be exported from Malaysia as finished products with deliveries anticipated beginning in Q3 with the Indonesia-based assembly facilities online in “Q4 or early 2022.”

Poor explained that elsewhere, the Treeletrik team is finalizing these new headquarters and showroom in Kuala Lumpur with an August timeline for moving in.

Redditors are also circulating the recent update of Ideanomics acquisition agreement with U.S. Hybrid, which manufactures and supplies fuel cells, drive trains, and components for zero-emission vehicles. In light of the Biden Administration’s stance on carbon neutrality, this could be an interesting development to keep tabs on as the deal materializes.

https://www.benzinga.com/news/21/05/21343309/amc-gme-are-not-the-only-reddit-penny-stocks-to-buy-according-to-top-wall-street-analysts