Home Energy services 2 tech stocks that Wall Street says will rise more than 160%

2 tech stocks that Wall Street says will rise more than 160%



The ongoing digital transformation of most industries and the increasing use of advanced technologies are driving the growth of the technology industry. And the industry’s strong growth prospects are attracting great interest in tech stocks from investors. Indeed, the tech-rich Nasdaq Composite hit its all-time high of 14,649.11 on July 5.

Additionally, the nascent electric vehicle (EV) industry has prompted tech companies to venture into this space. With the announcement by major countries of their intention to phase out fossil-fueled vehicles over the next two decades, multiple capital investments and favorable policies, companies making products and services that make electric vehicles easier. are expected to experience significant growth.

So, despite the short-term headwinds created by a current semiconductor shortage, Wall Street expects the electric and auxiliary vehicle industries to grow significantly. Wall Street analysts expect technology stocks Ideanomics, Inc. (IDEX) and CleanSpark, Inc. (CLSK), which have substantial exposure to the electric vehicle industry, to rebound by more than 160% over the next few months.

Ideanomics, Inc. (IDEX)

IDEX is focused on transforming sustainability by facilitating the adoption of commercial electric vehicles, the associated energy consumption, and the development of financial services and fintech products. The company operates in the United States, China, Ukraine, Malaysia and the United Kingdom

On June 24, IDEX announced the acquisition of Solectrac Inc., a manufacturer and distributor of premium zero-emission electric tractors. The acquisition should allow IDEX to strengthen its position in the electric vehicle industry. Earlier in June, IDEX acquired US Hybrid, a manufacturer and distributor of electric powertrain and fuel cell engine components.

On June 3, the Twin Transit Authority (TTA) in Washington completed the installation of WAVE’s (a subsidiary of IDEX) high-power wireless charging system for electric buses. This is a new addition to IDEX’s growing list of transit fleet charging stations.

Total IDEX revenues increased 8,553.2% year-on-year to $ 32.71 million in its fiscal first quarter ended March 31. Its gross margin was $ 10.84 million, up 24,540.9% from the same period last year.

Analysts expect IDEX revenue to grow 382.8% year-on-year to $ 129.2 million for the current year. The company’s EPS is expected to improve 82.8%. Shares of IDEX have gained 73.9% in the past year and 33.7% in the past six months.

The median price target of $ 7.00 indicates a potential rise of 163.2% from its last closing price of $ 2.66.

Click here to view our Electric Vehicle Industry Report for 2021

CleanSpark, Inc. (CLSK)

CLSK is a global provider of diverse software and smart energy services. The company offers software and intelligent controls for distributed microgrid and energy resource management systems as well as strategy and design services. Its product line includes the mPulse, Switchgear and mVSO software platforms. CLSK was added to the Russell 2000 ® Index on June 28.

On June 2, CLSK agreed with Pioneer Power Solutions, Inc. (PPSI) the rights to serve as the preferred distributor of PowerBloc, an electric power system solution for electric vehicles. Amid the growing need for charging infrastructure for electric vehicles, this collaboration should be beneficial for CLSK in several ways.

On May 27, CLSK signed a memorandum of understanding with international wind technology company FlowGen Ltd., with the aim of leveraging the expertise of both companies to deliver improved and efficient systems to their collective customers.

CLSK’s revenue increased 122% year-on-year to $ 8.12 million in the fiscal quarter ended March 31. Its net profit increased 227.3% year-on-year to $ 7.40 million in the period. The company’s EPS increased 119.5% year-over-year to $ 0.22.

A consensus estimate of revenue of $ 25.84 million for the current quarter, ending September 2021, indicates an improvement of 1,221.7% over the same period last year. Analysts expect the company’s EPS to hit $ 0.24 in the current quarter, indicating a 300% year-over-year increase. Additionally, CLSK has beaten Street’s EPS estimates in three of the past four quarters. CLSK has gained 571.8% over the past year. The stock gained 1.4% during the day to close yesterday’s trading session at $ 16.46.

The two Wall Street analysts who rated CLSK noted Buy. Their median price target of $ 47.50 indicates a potential upside potential of 188.6% from its last closing price of $ 16.46. The 12-month price targets range from a low of $ 45 to a high of $ 50.00.

Click here to view our Software Industry Report for 2021

IDEX shares were trading at $ 2.61 per share on Tuesday afternoon, down $ 0.05 (-1.88%). Year-to-date, IDEX has gained 31.16%, compared to a 16.34% increase in the benchmark S&P 500 over the same period.

About the Author: Subhasree Kar

Subhasree’s keen interest in financial instruments led her to pursue a career as an investment analyst. After earning a master’s degree in economics, she gained knowledge in equity research and portfolio management at Finlatics. After…

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