ITM Power (LON:ITM) Stock Passes Below Two Hundred Day Moving Average – Here’s Why

Shares of ITM Power Plc (LON:ITM) crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of GBX 73.18 and traded as low as GBX 62. ITM Power shares last traded at GBX 63, with a volume of 610,013 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ITM. Berenberg Bank reaffirmed a “buy” rating and issued a GBX 100 target price on shares of ITM Power in a report on Thursday, December 4th. Jefferies Financial Group upped their price objective on ITM Power from GBX 60 to GBX 115 and gave the company a “buy” rating in a research note on Wednesday, October 1st. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of GBX 107.50.

ITM Power Stock Performance

The company has a fifty day moving average of GBX 73.47 and a two-hundred day moving average of GBX 73.18. The firm has a market capitalization of £388.19 million, a price-to-earnings ratio of -8.51 and a beta of 2.03. The company has a debt-to-equity ratio of 4.73, a quick ratio of 7.56 and a current ratio of 4.17.

Insiders Place Their Bets

In other ITM Power news, insider Dennis Schulz purchased 466 shares of the firm’s stock in a transaction that occurred on Tuesday, December 16th. The shares were acquired at an average cost of GBX 64 per share, for a total transaction of £298.24. Also, insider Simon Bourne purchased 466 shares of the stock in a transaction that occurred on Tuesday, December 16th. The shares were acquired at an average cost of GBX 64 per share, for a total transaction of £298.24. Insiders have bought 1,692 shares of company stock valued at $119,782 in the last three months. Insiders own 8.73% of the company’s stock.

About ITM Power

ITM Power was founded in 2000, and ITM Power PLC was admitted to the London Stock Exchange’s AIM market in 2004.

Headquartered in Sheffield, England, ITM Power designs and manufactures electrolysers based on proton exchange membrane (PEM) technology to produce green hydrogen, the only net zero energy gas, using renewable electricity and water.