Shares of Ideanomics, Inc. (NASDAQ:IDEX) are tumbling today as some investors are likely cashing in on the gains the technology stock made in November. Shares of the company fell by as much as 24.7% today and were down 18.4% as of 11:29 a.m. EST.
Ideanomics' stock skyrocketed 239.5% in November, with some of the most recent gains coming after the company announced that it was investing more money in the electric-tractor company Solectrac.
Ideanomics has seen similar share-price gains and subsequent falls earlier this year. Back in June, the company's stock climbed over several weeks, but shares tanked 45% in one day after short-sellers accused the company of fraud.
But investors flocked back to the stock in the following months, and now, some of them have inevitably taken the gains they've made. Even with today's share-price drop, Ideanomics' share price is still up 167.6% this year.
There doesn't appear to be any company-specific news that caused Ideanomics' share price to fall today, and investors may want to take that as a warning sign. This stock has experienced wild share-price swings this year as investors appear eager to drive the stock price up and down on basic company news or no news at all. Long-term investors should remember that buying and holding stocks for years is the best way to build wealth, and not react to the whims of emotional investors.