The stock of Ideanomics Inc (NASDAQ: IDEX) dropped by a margin of about 0.32% to finally settle at $3.14. The company discloses details about its plan to become a part of the Russell 3000® Index. It joins the broad market at a time when the Russell indexes annual reconstitution is approaching its end.
The preliminary list of additions
Analysts have been checking out the preliminary list of additions, and they applaud how the whole undertaking has progressed smoothly. The list came out on June 4, indicating that the planned move would swing into effect upon the opening of the US markets. The opening date will be on June 28.
The Annual Russell indexes reconstitution happens to be rather elaborate, considering how it is expected to incorporate about 4,000 of the major stocks in the US. It ranks all the parties in terms of their standings in market capitalization.
FTSE Russell conforms to its policies fully when making important decisions about the memberships in its Russell indexes. It considers some particular attributes and market-capitalization rankings in the determination of membership.
Alf Poor speaks out
Ideanomics CEO Alf Poor supports the move to join Russell indexes, describing the benefits as outstanding. It is an opportunity for Ideanomics to interact with the institutional shareholders. The leader exudes confidence that his company’s story will resonate with the shareholder community quite well.
The company looks forward to taking advantage of its inclusion in the Russell indexes by boosting its shareholder awareness. The leader admits that his company has been running its business operations in a market he describes as rather frothy but foresees a break out of their stock.
The institutional investors for index funds and investment managers happen to be the ones that widely utilize the Russell indexes. The above-mentioned parties utilize such indexes as benchmarks for making active investments.