ITM Power (LON:ITM) Stock Passes Below 200 Day Moving Average – Here’s What Happened

ITM Power Plc (LON:ITM)’s stock price passed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of GBX 103.60 and traded as low as GBX 98.65. ITM Power shares last traded at GBX 101.80, with a volume of 2,460,377 shares traded.

Analysts Set New Price Targets

A number of research analysts have recently commented on ITM shares. JPMorgan Chase & Co. upped their price objective on shares of ITM Power from GBX 60 to GBX 80 and gave the company a “neutral” rating in a research note on Wednesday. Jefferies Financial Group upgraded shares of ITM Power to a “buy” rating and boosted their target price for the company from £115 to £200 in a report on Thursday, May 7th. Finally, Berenberg Bank upped their price target on shares of ITM Power from GBX 100 to GBX 110 and gave the stock a “buy” rating in a research report on Tuesday, April 14th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, ITM Power presently has a consensus rating of “Moderate Buy” and a consensus price target of GBX 5,062.50.

ITM Power Trading Down 1.6%

The company has a market capitalization of £710.22 million, a PE ratio of -20.58 and a beta of 2.89. 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 fifty day moving average price of GBX 127.42 and a 200 day moving average price of GBX 103.86.

Insider Buying and Selling

In other ITM Power news, insider Warren East bought 172,000 shares of the business’s stock in a transaction dated Monday, June 29th. The shares were acquired at an average price of GBX 115 per share, with a total value of £197,800. Insiders have purchased a total of 172,565 shares of company stock valued at $19,854,853 in the last 90 days. Company insiders own 7.89% of the company’s stock.

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.