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

ITM Power Plc (LON:ITM) crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of GBX 42.61 ($0.53) and traded as low as GBX 35.52 ($0.44). ITM Power shares last traded at GBX 35.63 ($0.44), with a volume of 1,690,980 shares traded.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ITM. Berenberg Bank reiterated a “hold” rating and issued a GBX 59 ($0.73) target price on shares of ITM Power in a research note on Thursday, December 5th. Jefferies Financial Group reiterated a “buy” rating and issued a GBX 60 ($0.74) price objective on shares of ITM Power in a research note on Friday, December 6th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a GBX 70 ($0.87) price objective on shares of ITM Power in a report on Friday, December 6th.

ITM Power Price Performance

The stock has a market cap of £219.70 million, a P/E ratio of -890.65 and a beta of 2.03. The company has a quick ratio of 7.56, a current ratio of 4.17 and a debt-to-equity ratio of 4.73. The business’s 50-day simple moving average is GBX 35.76 and its two-hundred day simple moving average is GBX 42.61.

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 9.65%. Sell-side analysts expect that ITM Power Plc will post -8.9214682 EPS for the current year.

Insider Activity at ITM Power

In related news, insider Simon Bourne bought 792 shares of ITM Power stock in a transaction on Wednesday, January 15th. The stock was acquired at an average price of GBX 38 ($0.47) per share, with a total value of £300.96 ($373.35). In the last three months, insiders have purchased 1,605 shares of company stock worth $60,177. 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.