Ideanomics
New York-based Ideanomics Inc. (NASDAQ: IDEX) develops technologies to accelerate the adoption of commercial electric vehicles. These technologies include vehicles, charging, energy systems and financial services. Shares have dropped 75% over the course of the past 12 months, and that decline was not helped by the company’s delayed release of its fiscal 2021 results until last week. The company has not yet filed quarterly reports for the first quarter of this year and plans to do so Friday morning along with second-quarter results.
Ideanomics expects to close a $630 million acquisition of electric van and truck maker Via by the end of this month. As it said in last week’s filing, Ideanomics’ ability to raise capital is “critical.” The company believes that it can remain a “going concern” for at least the next year. It gets to tell its story Friday morning.
Only one analyst covers the stock, giving it a Hold rating and a $1.00 price target. That represents 40% upside to a recent trading price of $0.60 a share.
Ideanomics released its fiscal year 2021 10-K last week, reporting revenue for the year of $114.1 million, up from $26.76 million in 2020. Of that total, $84.3 million came from the United States and $29.7 million from China. Gross profit rose from $2.1 million to $23.22 million for the year and the operating loss for the year rose from $95.6 million in 2020 to $282.8 million last year. On a GAAP basis, Ideanomics posted a per-share loss of $0.57 in 2021, compared to a per-share loss of $0.40 in 2020. The share count last year was 447.8 million, nearly double the 232.7 million shares outstanding in 2020.
Kroger
Grocery store operator Kroger Co. (NYSE: KR) has added about 4% to its share price over the past 12 months. Since posting a 52-week high in early April, the shares have dropped by almost 21%, more than twice as much as the 9.6% drop in the S&P 500 over the same period.
The decline is partly due to investors’ fears that inflation will send customers to discount outlets. But inflation was reasonably kind to competitor Albertsons, which missed analysts’ first-quarter revenue estimate but hammered the EPS estimate. Kroger could do as well or better. The company reports results first thing Friday morning.
Of 25 analysts covering the stock, 14 have a Hold rating. Seven have a Buy or Strong Buy rating, and four have a Sell or Strong Sell rating. At a share price of around $48.50, the upside potential based on a median price target of $53.00 is 9.3%. At the high price target of $75.00, the upside potential is 54.6%.
Fiscal second-quarter revenue is forecast at $34.22 billion, down about 23.3% sequentially and down 8.0% year over year. Adjusted EPS are tabbed at $0.81, down 44.5% sequentially and up by a penny year over year. For the full 2023 fiscal year ending in January, Kroger is expected to post EPS of $3.94, up 7.1%, on sales of $147.55 billion, up 7%.
The stock trades at 12.3 times expected 2023 EPS, 11.9 times estimated 2024 earnings of $4.06 and 11.7 times estimated 2025 earnings of $4.15 per share. The stock’s 52-week range is $38.22 to $62.78. Kroger pays an annual dividend of $1.04 (yield of 2.14%). Total shareholder return for the past year is 6%.
Originally posted at 24/7 Wall St.
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