ITM Power (LON:ITM) Sets New 12-Month Low – Here’s Why

ITM Power Plc (LON:ITM)’s stock price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as GBX 42.02 ($0.55) and last traded at GBX 42.48 ($0.55), with a volume of 4048537 shares trading hands. The stock had previously closed at GBX 43.12 ($0.56).

Wall Street Analysts Forecast Growth

ITM has been the topic of a number of recent analyst reports. Berenberg Bank lowered their target price on ITM Power from GBX 60 ($0.78) to GBX 59 ($0.77) and set a “hold” rating on the stock in a research note on Thursday, August 15th. JPMorgan Chase & Co. downgraded shares of ITM Power to a “neutral” rating and reduced their target price for the company from GBX 130 ($1.70) to GBX 90 ($1.18) in a research report on Tuesday, July 9th.

ITM Power Trading Down 1.5 %

The firm has a fifty day moving average of GBX 49.59 and a two-hundred day moving average of GBX 52.09. The company has a market cap of £261.98 million, a PE ratio of -1,071.50 and a beta of 2.03. The company has a current ratio of 4.17, a quick ratio of 7.56 and a debt-to-equity ratio of 4.73.

Insider Activity at ITM Power

In other ITM Power news, insider Andy Allen bought 658 shares of the stock in a transaction on Tuesday, October 15th. The shares were acquired at an average price of GBX 46 ($0.60) per share, with a total value of £302.68 ($395.25). In related news, insider Andy Allen bought 658 shares of ITM Power stock in a transaction on Tuesday, October 15th. The stock was acquired at an average price of GBX 46 ($0.60) per share, with a total value of £302.68 ($395.25). Also, insider Dennis Schulz purchased 518 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was purchased at an average cost of GBX 58 ($0.76) per share, for a total transaction of £300.44 ($392.32). In the last ninety days, insiders have acquired 1,484 shares of company stock worth $75,404. 48.26% of the stock is owned by corporate insiders.

About ITM Power

ITM Power Plc designs and manufactures proton exchange membrane (PEM) electrolysers in the United Kingdom, Germany, Australia, rest of Europe, and the United States. The company’s product portfolio comprises TRIDENT, an PEM electrolysers stack technology; NEPTUNE, a 2MW plug and play electrolyser for small to mid-size projects; and POSEIDON, a 20 MW electrolysis process module for large-scale projects.