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

ITM Power Plc (LON:ITM)’s stock price crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of GBX 101.79 and traded as low as GBX 100.70. ITM Power shares last traded at GBX 102.10, with a volume of 2,446,593 shares changing hands.

Analysts Set New Price Targets

Several analysts have recently weighed in on ITM shares. Jefferies Financial Group upgraded ITM Power to a “buy” rating and raised their target price for the company from £115 to £200 in a research note on Thursday, May 7th. Berenberg Bank boosted their price target on ITM Power from GBX 100 to GBX 110 and gave the stock a “buy” rating in a research note on Tuesday, April 14th. Two 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, ITM Power has an average rating of “Moderate Buy” and a consensus price target of GBX 6,723.33.

ITM Power Price Performance

The company has a debt-to-equity ratio of 6.99, a current ratio of 2.62 and a quick ratio of 7.56. The business’s 50-day moving average price is GBX 136.20 and its two-hundred day moving average price is GBX 101.79. The firm has a market cap of £704.70 million, a price-to-earnings ratio of -20.42 and a beta of 2.89.

Insider Buying and Selling

In related news, insider Warren East acquired 172,000 shares of the firm’s stock in a transaction on Monday, June 29th. The stock was bought at an average cost of GBX 115 per share, with a total value of £197,800. In the last 90 days, insiders have acquired 172,565 shares of company stock worth $19,854,853. Corporate insiders own 7.89% of the company’s stock.

About ITM Power

ITM Power designs and manufactures industrial-scale electrolysers for green hydrogen production. Its proprietary PEM technology, vertically integrated manufacturing, and in-house engineering capabilities enable it to supply standardised, high-performance hydrogen plants.

With a proven track record in large-scale projects, ITM Power helps leading industrial and energy companies achieve their decarbonisation goals. In addition to its equipment offering, the company provides reliable and cost-competitive hydrogen supply through its build, own and operate (BOO) model, Hydropulse.

Headquartered in the UK, ITM Power is listed on the London Stock Exchange AIM (LSE: ITM) and holds the Green Economy Mark, which recognises companies that generate over 50% of their revenues from green products and services.