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Best Automotive Stocks To Buy In June 2020? 2 Names To Know

automotive stocks to buy

Are These 2 Automotive Stocks On Your June 2020 Watchlist?

Many automotive stocks have been trending in the market lately. Many automakers were recently forced to stop all car production. Due to dealerships and manufacturing plants closing, sales are down as well. Further hurting the industry, people are not buying cars due to the economic crash.

Automotive stocks can still strive in the market though. Tesla (TSLA stock report) is a great example of a top automotive stock that can strive during these times. TSLA stock made a full recovery and reached a new high. New developments in the automotive sector can cause stock prices to rise as well. For example, announcing a new technology or vehicle that is expected to sell well.

Things are getting closer to reopening and car sales are already starting to increase once again. Automotive companies reporting positive forward-looking statements are seeing an increase in stock price. Good financials and new expansions can cause an automotive stock to rise exponentially. The two automotive stocks to watch on this list are trending for a reason, so let’s talk about why.

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Top Automotive Stocks To Watch In June 2020: Ideanomics

We must talk about the automotive stock that is Ideanomics Inc. (IDEX stock report). IDEX stock has seen a lot of positive momentum in the market recently. Ideanomics was founded in 2004 and is a New York based company. This automotive company focuses on the adaptation to commercial electric vehicles, and associated entities to electric vehicles.

On June 19th Ideanomics announced that its company Mobile Energy Global ordered 42 vehicles from Tianjim Zhongcheng Jiaye Automobile Trading Co. This order was for a total of $4.4 million USD. It also received an order ON June 16th from Didi City CP, 300 electric vehicles at $4.2 million USD. IDEX stock has soared in price since these announcements were released to the public.

IDEX stock price was around $1.20 a share on June 16th. Shares of IDEX stock have now gone up to $2.20 a share on June 19th. This 83.3% increase for IDEX stock price is a big deal for the company. This is the highest IDEX stock has been at since July 2019. It is clear these recent advancements have had a grand effect on IDEX stock price. If Ideanomics continues to receive orders, IDEX stock will continue to rise with it. These orders will potentially bring IDEX stock to a new high if positive news continues to be released.

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Top Automotive Stocks To Watch In June 2020: CarMax

An automotive stock showing a strong drive in the market is CarMax Inc. (KMX stock report). CarMax is currently the largest used car dealer in North America. CarMax was founded in 1993 and has grown to become a Fortune 500 company. The company operates as more of a car retail store than a traditional dealership. There is no negotiation process, and the salesmen make a flat commission fee on every car. This means there is no competitive dealership environment a traditional automotive shop may have.

KMX stock has been on the rise despite its crash due to the economic state of the US. On June 19th, CarMax released its quarterly earnings report. Taken from Zacks.com, the consensus estimate was a loss of $0.06 a share of KMX stock. But CarMax came out with quarterly earnings of $0.23 a share of KMX stock. This is a difference of 483.33% percent which shocked investors. CarMax was still affected by the economic crash though. Its sales fell to $3.23 billion from $5.37 billion due to closing locations caused by this pandemic.

KMX stock price has been back up on the rise recently. On May 21st KMX stock was at $80.48 a share. On June 19th though, KMX stock price has reached $93.46 a share. In addition, KMX stock was around $98 a share on June 18th. The reason KMX stock price went down on the 19th is due to the financial reports. While the reports were still more positive than expected, CarMax still reported large revenue loss. CarMax reporting the positive news can be good for KMX stock in the future despite this.

Bottom Line

KMX stock and IDEX stock are two automotive stocks to watch due to their recent movement in the market. If these automotive companies continue to release positive statements and financials, stock prices could rise.

By Joe Samuel

Joe Samuel is a dedicated stock market researcher and financial contributor. His love for the stock market started at a young age learning from his grandfather. Joe earned a bachelor of science degree in corporate finance and business management. After finishing college, he went the route of an entrepreneur starting numerous businesses and eventually became a financial contributor to a number of outlets including Seeking Alpha, Invesitng.com, and actively contributes to FactSet. At StockMarket.com, Joe looks for emerging stories. One of his traits is identifying new trends before they become mainstream. Whether it’s a biopharmaceutical company debuting a novel treatment or the next technology start-up developing a new platform, Joe looks to be on the cutting edge of that trend.

After years of living in New York, he made the move to Miami, Florida where he’s become an active member of the finance community. Joe has worked with early-stage companies in marketing and consulting capacities, which has given him an opportunity to see what makes companies tick. His viewpoint is that while corporate news is vital to any investment, it’s what isn’t “right in front of you” that can make a good investment great. His approach to the markets is one that aims to deliver information that might not be well-known. But through deep research and diligence, Joe has written about and been able to uncover time-sensitive information when seconds matter in the stock market today.

Joe enjoys covering several stock market sectors. These include commodities, finance, biotechnology, and technology; specifically AI & machine learning. His no-nonsense approach to the market gives readers a cut and dry view of the news that matters most and topics beginning to emerge as new trends in the stock market. He was early to the table with calls on things like the last gold rush in 2019 and has been able to identify influential events and how they could impact certain industries.

During his free time, he enjoys spending time with his family and polishing up one new stock market trends. He’s also an avid car enthusiast with a passion for classic and muscle cars.

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