Shares of Ideanomics (IDEX -3.90%) fell 17.6% last month, according to data provided by S&P Global Market Intelligence. The company's stock is prone to some large swings, and the latest drop might have been spurred by Ideanomics' decision to no longer report monthly delivery numbers for its Mobile Energy Global (MEG) segment.
Ideanomics' management said in a press release on Feb. 15 that over the past few quarters, the company had diversified its revenue streams between its MEG segment and Ideanomics Capital. As a result, it's shifting from announcing MEG vehicle delivery numbers from monthly to quarterly.
The tech stock had been trending downward already, but it took a sharper drop following the announcement.
Ideanomics' MEG segment focuses on electric-vehicle purchasing and financing, and the segment has gained a lot of attention from investors over the past year as the EV market has accelerated.
"[A]fter careful consideration and review, we concluded that simply posting monthly MEG vehicles delivery numbers is no longer representative of the revenue base within the Ideanomics' family and for this reason we have decided to discontinue issuing monthly delivery numbers," the company said in the announcement.
Investors appeared disappointed with this move and might potentially view it as a shift in the company's focus.
It's worth mentioning for a moment that Ideanomics' share price growth of 862% over the past 12 months likely came as investors speculated that Ideanomics was a big play on the EV market. But the company appears now to be focusing some of its attention on the fintech space, another hot market for investors.
All of this means that Ideanomics' stock will likely continue to experience volatility as investors try to determine which businesses will be long-term growth drivers for the company.