The past week has not been great for investors in Ideanomics (NASDAQ:IDEX) as the company’s stock suffered from a selloff and went down by as much as 13% amidst a downward spiral. In this situation, it might be a good idea for investors to consider taking a look at the announcement from the company back on May 20 last week.
Trading Data
On Tuesday, IDEX stock slid 4.56% to $0.5358 with more than 5.99 million shares, compared to its average volume of 5.75 million shares. The stock moved within a range of $0.5200 – 0.5568 after opening trading at $0.5478.
Earnings Recap
At the time Ideanomics announced that it had received a notification from the NASDAQ Listing Qualifications department back on May 17, 2022. In the notification, it was noted that since Ideanomics had not filed its Form 10-Q for the quarter ended March 31, 2022, and for the period ended on December 31, 2021, it was no longer compliant with the listing rules of the exchange.
It goes without saying that it was a big blow for Ideanomics and the selloff in its stock was perhaps not a surprise. However, in this context, it is necessary to point out that Ideanomics also noted that it was working hard and aimed to submit the delayed reports as soon as it possibly could. In addition to that, the company also sent in a compliance plan to NASDAQ.
Technical Data
IDEX stock is trading below the 20-Day and 50-Day Moving averages of $0.64 and $0.81 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.41.
