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

ITM Power Plc (LON:ITM)’s stock price crossed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of GBX 45.29 ($0.56) and traded as low as GBX 36.74 ($0.45). ITM Power shares last traded at GBX 38.32 ($0.47), with a volume of 3,231,061 shares.

Analysts Set New Price Targets

Several analysts have recently commented on ITM shares. Royal Bank of Canada restated an “outperform” rating and issued a GBX 70 ($0.87) target price on shares of ITM Power in a research note on Friday, December 6th. Berenberg Bank reissued a “hold” rating and issued a GBX 59 ($0.73) price objective on shares of ITM Power in a research note on Thursday, December 5th. Finally, Jefferies Financial Group reissued a “buy” rating and set a GBX 60 ($0.74) price target on shares of ITM Power in a research report on Friday, December 6th.

ITM Power Stock Up 0.6 %

The company has a market capitalization of £231.26 million, a P/E ratio of -937.50 and a beta of 2.03. The stock has a 50 day moving average price of GBX 36.56 and a 200 day moving average price of GBX 45.29. The company has a debt-to-equity ratio of 4.73, a quick ratio of 7.56 and a current ratio of 4.17.

Insiders Place Their Bets

In other news, insider Andy Allen acquired 658 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was bought at an average price of GBX 46 ($0.57) per share, with a total value of £302.68 ($374.14). Also, insider Simon Bourne acquired 60,126 shares of the company’s stock in a transaction on Wednesday, October 30th. The shares were acquired at an average cost of GBX 42 ($0.52) per share, for a total transaction of £25,252.92 ($31,214.98). Over the last 90 days, insiders have purchased 61,597 shares of company stock valued at $2,585,641. Company 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.