5 Popular Penny Stocks on Robinhood

2. Ideanomics, Inc. (NASDAQ: IDEX)

Number of Hedge Fund Holders: 7  

Ideanomics, Inc. (NASDAQ: IDEX) is a firm that offers various services that make it easier for people to adopt electric vehicles. It is placed second on our list of 10 popular penny stocks on Robinhood. The company’s shares have returned 89% to investors over the course of the past twelve months. The firm facilitates adoption of EVs by commercial fleets, offers fintech products related to EVs. In addition, the fintech arm of the firm operates independently as well, offering other financial services. The firm is based in New York. 

On June 14, Ideanomics, Inc. (NASDAQ: IDEX) announced that it had bought electric tractor maker Solectrac. The latter is one of the few companies working on electric tractors and the deal is part of the ESG practices of Ideanomics. 

At the end of the first quarter of 2021, 7 hedge funds in the database of Insider Monkey held stakes worth $20 million in Ideanomics, Inc. (NASDAQ: IDEX), up from 5 in the preceding quarter worth $3.4 million.