- The stock price of Ideanomics Inc (NASDAQ: IDEX) increased by over 7% pre-market. This is why it happened.
The stock price of Ideanomics Inc (NASDAQ: IDEX) increased by over 7% pre-market. Investors are responding positively to the company announcing it is set to join the broad-market Russell 3000 Index at the conclusion of the 2021 Russell indexes annual reconstitution. And according to a preliminary list of additions posted on June 4, this will take effect after the US market opens on June 28.
The Annual Russell indexes reconstitution captures the 4,000 largest US stocks as of May 7 and ranks them by total market capitalization. And membership in the US all-cap Russell 3000 Index – which remains in place for one year – means automatic inclusion in the large-cap Russell 1000 Index or small-cap Russell 2000 Index as well as the appropriate growth and value style indexes.
The FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attributes.
“Joining the Russell indexes enables Ideanomics to extend its reach into the institutional shareholder community where we believe our story is going to resonate extremely well. Our ability to derive revenues from the EV industry in the short, medium and long-term, sets us apart from many others in the sector, while our fintech group provides consistent results and spotlights our value to shareholders both today and tomorrow. We plan to utilize our inclusion in the Russell indexes as a platform to grow shareholder awareness which, with our team is executing our plans, delivering on commitments, and driving growth across our businesses, helping us stand out as a stock with breakout potential in an otherwise frothy market.”
— Ideanomics CEO Alf Poor
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