Is Ideanomics, Inc. overvalued or undervalued?

As of 8 July 2024, the valuation grade for Ideanomics, Inc. has moved from risky to does not qualify, indicating a significant deterioration in its investment appeal. The company appears to be overvalued, given its negative valuation ratios, including a P/E ratio of -0.0020 and an EV to EBITDA ratio of -0.3436. Its return on capital employed (ROCE) stands at a staggering -658.31%, further highlighting the company's struggles.
In comparison to its peers, such as TuSimple Holdings, Inc. with an EV to EBITDA of 1.2744 and The Lion Electric Co. with an EV to EBITDA of -3.5892, Ideanomics does not demonstrate competitive valuation metrics. Additionally, the stock has underperformed significantly over the past year, with a return of -90.0% compared to the S&P 500's 17.14%, reinforcing the notion that the company is not a viable investment at this time.