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

ITM Power Plc (LON:ITM)’s share price passed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of GBX 72.10 and traded as low as GBX 62.80. ITM Power shares last traded at GBX 63.35, with a volume of 1,368,690 shares.

Wall Street Analysts Forecast Growth

ITM has been the subject of a number of research reports. Berenberg Bank reissued a “buy” rating and set a GBX 100 target price on shares of ITM Power in a research note on Thursday, December 4th. Jefferies Financial Group raised their price target on ITM Power from GBX 60 to GBX 115 and gave the stock a “buy” rating in a research note on Wednesday, October 1st. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of GBX 107.50.

ITM Power Price Performance

The company has a current ratio of 4.17, a quick ratio of 7.56 and a debt-to-equity ratio of 4.73. The firm has a market cap of £390.32 million, a price-to-earnings ratio of -8.56 and a beta of 2.03. The company has a 50 day moving average of GBX 69.37 and a 200 day moving average of GBX 72.06.

Insider Activity

In related news, insider Simon Bourne purchased 466 shares of the firm’s stock in a transaction that occurred on Tuesday, December 16th. The shares were acquired at an average price of GBX 64 per share, for a total transaction of £298.24. Also, insider Dennis Schulz acquired 466 shares of the business’s stock in a transaction on Tuesday, December 16th. The shares were bought at an average price of GBX 64 per share, with a total value of £298.24. Insiders have acquired a total of 1,692 shares of company stock worth $119,782 over the last three months. Insiders own 8.73% of the company’s stock.

ITM Power Company Profile

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.