ITM Power (LON:ITM) Stock Price Crosses Below 200 Day Moving Average – What’s Next?

ITM Power Plc (LON:ITM) shares crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of GBX 45.83 ($0.57) and traded as low as GBX 34.18 ($0.43). ITM Power shares last traded at GBX 35.70 ($0.45), with a volume of 476,241 shares trading hands.

Analyst Ratings Changes

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

ITM Power Stock Up 0.2 %

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 company has a market capitalization of £220.65 million, a P/E ratio of -894.50 and a beta of 2.03. The firm’s 50 day moving average price is GBX 36.83 and its two-hundred day moving average price is GBX 45.66.

Insider Activity at ITM Power

In related news, insider Andy Allen purchased 658 shares of the stock in a transaction on Tuesday, October 15th. The shares were purchased at an average price of GBX 46 ($0.58) per share, with a total value of £302.68 ($378.73). Also, insider Simon Bourne acquired 60,126 shares of the company’s stock in a transaction dated Wednesday, October 30th. The shares were bought at an average price of GBX 42 ($0.53) per share, for a total transaction of £25,252.92 ($31,597.75). Over the last 90 days, insiders acquired 61,597 shares of company stock valued at $2,585,641. Corporate insiders own 48.26% of the company’s stock.

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.