ITM Power (LON:ITM) Stock Passes Below 200-Day Moving Average – Here’s What Happened

ITM Power Plc (LON:ITM)’s share price crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of GBX 37.73 ($0.49) and traded as low as GBX 25.96 ($0.33). ITM Power shares last traded at GBX 26.82 ($0.35), with a volume of 3,574,053 shares trading hands.

Analysts Set New Price Targets

Several brokerages have issued reports on ITM. Berenberg Bank restated a “hold” rating and issued a GBX 59 ($0.76) target price on shares of ITM Power in a research note on Thursday, December 5th. Jefferies Financial Group reaffirmed a “buy” rating and issued a GBX 60 ($0.77) price objective on shares of ITM Power in a report on Friday, December 6th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a GBX 70 ($0.90) target price on shares of ITM Power in a report on Friday, December 6th.

ITM Power Stock Performance

The company has a 50 day moving average of GBX 31.86 and a two-hundred day moving average of GBX 37.51. The company has a debt-to-equity ratio of 4.73, a current ratio of 4.17 and a quick ratio of 7.56. The company has a market capitalization of £180.59 million, a PE ratio of -6.63 and a beta of 2.03.

ITM Power (LON:ITM) last released its quarterly earnings data on Friday, January 31st. The company reported GBX (4.70) (($0.06)) earnings per share for the quarter. ITM Power had a negative net margin of 164.90% and a negative return on equity of 9.97%. As a group, equities research analysts predict that ITM Power Plc will post -8.9214682 earnings per share for the current year.

Insider Activity at ITM Power

In related news, insider Amy Grey bought 102,455 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The shares were bought at an average cost of GBX 29 ($0.37) per share, with a total value of £29,711.95 ($38,254.09). Also, insider Simon Bourne purchased 792 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were bought at an average cost of GBX 38 ($0.49) per share, with a total value of £300.96 ($387.49). Insiders have purchased a total of 104,209 shares of company stock worth $3,031,265 over the last quarter. Company insiders own 48.26% 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.