Is Ideanomics, Inc. overvalued or undervalued?

As of 16 March 2020, Ideanomics, Inc. has moved from a very attractive to a risky valuation grade. The company is currently assessed as overvalued given its troubling financial metrics. The P/E ratio stands at -0.002, while the EV to EBITDA ratio is at -0.34, indicating significant financial distress. Additionally, the return on capital employed (ROCE) is a staggering -658.31%, further highlighting the company's challenges.
In comparison to its peers, Ideanomics is underperforming, with TuSimple Holdings, Inc. classified as attractive with a P/E ratio of -0.2435, while other risky peers like Kandi Technologies Group, Inc. show a P/E of -3.1540. The stark contrast in valuation metrics suggests that Ideanomics is not only overvalued but also struggling significantly relative to its industry counterparts. Recent stock performance shows a 66.67% return year-to-date, but this is overshadowed by a staggering 98.15% decline over the past year, reinforcing the notion of overvaluation amidst a volatile market.