ITM Power (LON:ITM) Shares Break Below 200 Day Moving Average – What’s Next?

ITM Power Plc (LON:ITM) crossed below its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of GBX 114.64 and traded as low as GBX 97.50. ITM Power shares last traded at GBX 98.10, with a volume of 34,980,793 shares.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. increased their target price on shares of ITM Power from GBX 60 to GBX 80 and gave the company a “neutral” rating in a report on Wednesday, August 5th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of GBX 5,062.50.

ITM Power Price Performance

The stock has a market cap of £679.50 million, a PE ratio of -19.69 and a beta of 2.85. The company has a debt-to-equity ratio of 6.99, a quick ratio of 7.56 and a current ratio of 2.62. The business has a 50 day moving average price of GBX 104.97 and a two-hundred day moving average price of GBX 114.53.

Insiders Place Their Bets

In other ITM Power news, insider Warren East acquired 172,000 shares of the business’s stock in a transaction on Monday, June 29th. The shares were acquired at an average price of GBX 115 per share, with a total value of £197,800. Insiders acquired a total of 172,724 shares of company stock valued at $19,855,160 over the last 90 days. 7.89% of the stock is currently owned by insiders.

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.