ITM Power (LON:ITM) Hits New 52-Week Low – Time to Sell?

ITM Power Plc (LON:ITM)’s stock price hit a new 52-week low on Friday . The company traded as low as GBX 31.06 ($0.39) and last traded at GBX 32.28 ($0.41), with a volume of 3346483 shares traded. The stock had previously closed at GBX 32.86 ($0.42).

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ITM. Royal Bank of Canada reaffirmed an “outperform” rating and set a GBX 70 ($0.89) target price on shares of ITM Power in a research report on Friday, December 6th. Jefferies Financial Group reissued a “buy” rating and issued a GBX 60 ($0.76) price target on shares of ITM Power in a research report on Friday, December 6th. Finally, Berenberg Bank reissued a “hold” rating and issued a GBX 59 ($0.75) price target on shares of ITM Power in a research report on Thursday, December 5th.

ITM Power Price Performance

The stock has a market cap of £201.18 million, a P/E ratio of -7.39 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. The business has a 50 day simple moving average of GBX 35.59 and a 200-day simple moving average of GBX 41.49.

ITM Power (LON:ITM) last announced its quarterly earnings data on Friday, January 31st. The company reported GBX (4.70) (($0.06)) earnings per share (EPS) for the quarter. ITM Power had a negative net margin of 164.90% and a negative return on equity of 9.97%. On average, sell-side analysts forecast that ITM Power Plc will post -8.9214682 EPS for the current year.

Insiders Place Their Bets

In related news, insider Simon Bourne bought 792 shares of the business’s stock in a transaction on Wednesday, January 15th. The stock was acquired at an average price of GBX 38 ($0.48) per share, for a total transaction of £300.96 ($381.35). Insiders purchased a total of 1,634 shares of company stock worth $60,382 in the last quarter. 48.26% of the stock is 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.