What happened
Shares of Ideanomics, Inc. (IDEX 10.29%) fell today after the company released its October figures from its Mobile Energy Global (MEG) division and commentary on the full fourth quarter. The company's stock fell by as much as 12% on today's announcement.
As of 1:37 p.m. EST, the company's stock had rebounded a bit and was down 6%.
So what
Ideanomics said today that its MEG division, a provider of electric-fleet vehicles, delivered 102 units in October. Additionally, the company mentioned that 340 units that were invoiced between July through September are still pending expected delivery.
Image source: Getty Images.
The company said that two major national holidays in China during the month of October resulted in fewer business days, and "[a]s a result, it was expected to be a lower delivery volume month."
Ideanomics CEO Alf Poor said in a press release that as the company enters the final months of 2020, it will focus on orders of larger vehicles and expanding its battery-system deliveries. He said, "As we look to round out Q4 and 2020, our goal is to deliver quarter over quarter growth while building our order book so that we can hit the ground running in 2021."
Investors were clearly disappointed with the company's October figures, but even with today's share-price slide, the company's stock is still up 28% year to date.
Now what
Even though Ideanomics's share price has made significant gains this year, it's still down from the massive gains from the summer. And with today's significant share-price swing, it appears Ideanomics investors are willing to send this stock reeling based on simple press releases.
Investors may want to proceed cautiously before investing in this company.
