ITM Power (LON:ITM) Stock Price Crosses Below Two Hundred Day Moving Average – Here’s What Happened

ITM Power Plc (LON:ITM) shares crossed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of GBX 69.45 and traded as low as GBX 62.70. ITM Power shares last traded at GBX 63.20, with a volume of 1,922,325 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have issued reports on ITM. Berenberg Bank restated a “buy” rating and issued a GBX 100 price objective on shares of ITM Power in a research note on Thursday, January 29th. UBS Group restated a “neutral” rating and set a GBX 60 price target on shares of ITM Power in a research report on Friday, January 16th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of GBX 91.67.

ITM Power Price Performance

The firm has a market capitalization of £389.42 million, a PE ratio of -12.64 and a beta of 2.27. The stock has a 50-day simple moving average of GBX 64.02 and a 200-day simple moving average of GBX 69.45. The company has a quick ratio of 7.56, a current ratio of 2.62 and a debt-to-equity ratio of 6.99.

ITM Power (LON:ITM) last posted its quarterly earnings results on Thursday, January 29th. The company reported GBX (2.30) earnings per share for the quarter. ITM Power had a negative return on equity of 14.17% and a negative net margin of 108.00%. Analysts forecast that ITM Power Plc will post -8.9214682 EPS for the current year.

Insider Activity

In other ITM Power news, insider Dennis Schulz purchased 466 shares of the stock in a transaction dated Tuesday, December 16th. The shares were bought at an average price of GBX 64 per share, with a total value of £298.24. Also, insider Simon Bourne acquired 466 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The stock was acquired at an average cost of GBX 64 per share, with a total value of £298.24. Insiders bought 1,868 shares of company stock valued at $119,496 in the last quarter. Corporate 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.