Why Ideanomics Stock Popped Today

Shares of Ideanomics (NASDAQ: IDEX) climbed on Friday, furthering the tech stock's rapid ascent so far in 2021. By the close of trading, Ideanomics' share price was up 5.9% after rising as much as 30.5% earlier in the day.

Ideanomics' shares are already up more than 56% so far in 2021. Investors have bid up its stock after Ideanomics said on Tuesday it reached a deal to acquire Wireless Advanced Vehicle Electrification, a provider of inductive (wireless) charging solutions for medium- and heavy-duty electric vehicles (EVs). 

"Fast, safe, in-route charging is key to enabling commercial EVs to match the range of internal combustion vehicles," WAVE CEO Michael Masquelier said in a press release announcing the deal. "Joining the Ideanomics family will allow WAVE solutions to rapidly develop at the scale needed to help fleet operators around the world meet their zero-emission goals." 

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Source Fool.com