Shares of Ideanomics Stock (NASDAQ:IDEX) are up 320% so far this month and higher by over 500% in the second quarter. This has many investors asking if they should jump in or did they miss the boat. We take a closer look at Ideanomics stock to see what investors should do.First up, one needs to look at the longer-term picture. Within the past five years, Ideanomics stock was as high as $7, so shares have a long way to go before making new highs. Ideanmoics Stock 5-Year ChartSecond, it's important to look if there's a high short position. Ideanomics stock has a lot of bears betting against the company with 8% of the float short. At current levels, the shorts have bet $25 million that the stock is going lower. If the momentum continues, the shorts will be forced to scramble further fueling the upside.Third, is Ideanomics stock in a hot sector with high gross margins? Check and check. EVs in China is perhaps the hottest sector on the planet right now as China rushes to switch from fossil fuels to electric vehicles. Ideanomics sports a gross margin of 91%. In comparison, Tesla has only an 18% gross margin.Fourth, is the company making sales? It seems like every day or every other day Ideanomics announces a new order. In just the past two days alone, Ideanomics announced almost $10 million in new orders. Last year, the company did $18 million in sales.While Q1 was impacted by COVID-19, sales have already picked up as China has recovered from COVID-19 faster than other countries. Mobile Energy Global's (MEG) expo center in Qingdao, sold 2,139 vehicles for a total value of RMB 235 Million or USD 33 Million since it began operations on May 1. Based on the level of sales activity in the first week of June, June sales are expected to exceed May levels. In China, the high season for car buying is from October to January. In its first five weeks of being operational, the dealers at the MEG Center have received high levels of interest, and management is optimistic that it can achieve its previously stated RMB 1 Billion sales target in 2020.

About Ideanomics Stock

Ideanomics is a global company focused on facilitating the adoption of commercial electric vehicles and developing next-generation financial services and Fintech products. Its electric vehicle division, Mobile Energy Global (MEG) provides group purchasing discounts on commercial electric vehicles, EV batteries, and electricity as well as financing and charging solutions.Ideanomics Capital includes DBOT ATS and Intelligenta which provide innovative financial services solutions powered by AI and blockchain. MEG and Ideanomics Capital provides global customers and partners with better efficiencies and technologies and greater access to global markets. The company is headquartered in New York, NY, and has offices in Beijing and Qingdao, China.[embed][/embed]

Renewed Focus

Ideanomics is now strictly focused on the EV market after agreeing to ell Grapevine Logic, Fintalk, and CommentsRadar, to Techconn Holding Group Co., Ltd. Ideanomics is getting a 15% interest in the deal that would see the merging of the Grapevine Influencer Platform with the Techconn Group's strong influencer operations. Estimated combined sales of RMB 20 Billion through 2021 and Techconn has committed to an RMB 300 million valuation for the merged entity.Techconn's influencer operations currently oversee more than 340,000 influencers from their operations in the cities of Hangzhou, and Changsha, China. Along with Grapevine's 190,000 influencers, exChina, the Techconn Group's' influencer operations would become one of the world's leading and truly global influencer platforms, boasting over 540,000 Key Opinion Leaders (KOL). These large and mid-sized KOLs will benefit even further, with access to the technologies that have been developed inside Fintalk, and through the Artificial Intelligence and sentiment analysis development inside CommentsRadar.

China Clean Energy Bus Plan

The Chinese government has made it compulsory for bus operators to convert or replace their bus equipment with clean energy vehicles by the end of 2022. EV bus replacement market is estimated at ~$118B+.Mobile Energy Global (MEG) and Beijing Silk Road Rainbow Group have jointly developed a new energy bus plan to help facilitate the sale of more than 2,000 EV buses in China through selecting manufacturers with the capability to fulfill multiple large-scale orders. The EV bus manufacturers include CRRC, Zhong Tong, Shanghai Shenli, and Yunnan Wulong.

Ideanomics Stock Bottom Line

While in the short term we might see some profit-taking, there's no denying Ideanomics stock has enormous potential. Ideanomics sports a current market cap of just $323 million. Consider that Nikola has a market cap of $21 billion and has ZERO sales. When the market starts evaluating Ideanomics stock from an EV perspective and not as a Chinese stock, we are looking at a double-digit share price. For those with a long-term time horizon, Ideanomics stock is a top play on the EV market in China and worldwide.As always, good luck to everyone (except the shorts)!

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Disclosure: We have NO position in NASDAQ:IDEX and have NOT been compensated for this article.Image by Stan Petersen from Pixabay

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