ITM Power (LON:ITM) Stock Crosses Below Two Hundred Day Moving Average – Here’s Why

ITM Power Plc (LON:ITM)’s share price passed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of GBX 46.67 ($0.59) and traded as low as GBX 34.60 ($0.43). ITM Power shares last traded at GBX 35.38 ($0.44), with a volume of 2,726,189 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts recently commented on ITM shares. Berenberg Bank reissued a “hold” rating and set a GBX 59 ($0.74) price target on shares of ITM Power in a research note on Thursday, December 5th. Royal Bank of Canada restated an “outperform” rating and set a GBX 70 ($0.88) price objective on shares of ITM Power in a research report on Friday, December 6th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a GBX 60 ($0.75) price target on shares of ITM Power in a report on Friday, December 6th.

ITM Power Stock Up 2.3 %

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 has a 50-day moving average price of GBX 37.57 and a 200-day moving average price of GBX 46.30. The firm has a market capitalization of £223.24 million, a PE ratio of -905.00 and a beta of 2.03.

Insider Buying and Selling at ITM Power

In other ITM Power news, insider Simon Bourne bought 60,126 shares of ITM Power stock in a transaction dated Wednesday, October 30th. The stock was acquired at an average cost of GBX 42 ($0.53) per share, with a total value of £25,252.92 ($31,657.16). Also, insider Andy Allen bought 658 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were acquired at an average price of GBX 46 ($0.58) per share, with a total value of £302.68 ($379.44). Insiders have acquired a total of 61,597 shares of company stock worth $2,585,641 over the last ninety days. Corporate insiders own 48.26% of the company’s stock.

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.