ITM Power (LON:ITM) Stock Crosses Below 200 Day Moving Average – Time to Sell?

ITM Power Plc (LON:ITM)’s share price crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of GBX 72.10 and traded as low as GBX 62.80. ITM Power shares last traded at GBX 63.35, with a volume of 1,368,690 shares.

Analyst Ratings Changes

ITM has been the topic of several analyst reports. Jefferies Financial Group upped their price target on shares of ITM Power from GBX 60 to GBX 115 and gave the company a “buy” rating in a report on Wednesday, October 1st. Berenberg Bank reaffirmed a “buy” rating and set a GBX 100 target price on shares of ITM Power in a research note on Thursday, December 4th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of GBX 107.50.

ITM Power Price Performance

The firm has a market capitalization of £390.32 million, a P/E ratio of -8.56 and a beta of 2.03. The stock’s fifty day simple moving average is GBX 69.37 and its 200 day simple moving average is GBX 72.10. The company has a debt-to-equity ratio of 4.73, a current ratio of 4.17 and a quick ratio of 7.56.

Insider Activity at ITM Power

In other news, insider Simon Bourne purchased 466 shares of the business’s stock in a transaction on Tuesday, December 16th. The shares were acquired at an average cost of GBX 64 per share, with a total value of £298.24. Also, insider Dennis Schulz purchased 466 shares of ITM Power stock in a transaction dated Tuesday, December 16th. The shares were acquired at an average cost of GBX 64 per share, for a total transaction of £298.24. In the last quarter, insiders have purchased 1,692 shares of company stock valued at $119,782. 8.73% of the stock is currently owned by company insiders.

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.