Ideanomics Completes US Hybrid’s Acquisition

Financial technology company Ideanomics (IDEX) has completed the acquisition of US Hybrid, the manufacturer of power conversion systems for commercial buses and trucks.

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Ideanomics is a diversified company focused on driving the adoption of electric vehicles and developing financial services and products. (See Ideanomics stock analysis on TipRanks)

Ideanomics CEO Alf Poor said, “Today’s deal announcement is the first of many important customers wins we anticipate going forward. I look forward to the accelerated commercialization and innovation US Hybrid will bring to Ideanomics’ ecosystem.”

Recently, Roth Capital analyst Craig Irwin initiated coverage of the stock with a Buy rating. This was on the back of the company’s impressive portfolio of commercial electric vehicle companies.

“Ideanomics has united a strategic selection of 12 companies to target the emerging growth opportunities in commercial electric vehicles and fintech. We like the stock for the rapid success of IDEX’s portfolio of commercial EV tech companies, as entrepreneur founders seem to benefit from collaborative resources and technology, also accelerating business development,” Irwin said.

The average analyst Ideanomics price target of $7 implies 122.93% upside potential from current levels.

IDEX scores 6 out of 10 on TipRanks’ Smart Score rating system, suggesting that the stock is likely to perform in line with market averages.