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

ITM Power Plc (LON:ITM)’s stock price passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of GBX 101.79 and traded as low as GBX 100.70. ITM Power shares last traded at GBX 102.10, with a volume of 2,446,593 shares.

Analyst Ratings Changes

Several equities research analysts have recently commented on ITM shares. Berenberg Bank boosted their price objective on ITM Power from GBX 100 to GBX 110 and gave the company a “buy” rating in a report on Tuesday, April 14th. Jefferies Financial Group upgraded shares of ITM Power to a “buy” rating and boosted their price target for the company from £115 to £200 in a research note on Thursday, May 7th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, ITM Power currently has a consensus rating of “Moderate Buy” and a consensus price target of GBX 6,723.33.

ITM Power Stock Performance

The company’s 50 day moving average price is GBX 136.20 and its 200-day moving average price is GBX 101.79. The stock has a market cap of £704.70 million, a P/E ratio of -20.42 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.

Insider Transactions at ITM Power

In other news, insider Warren East acquired 172,000 shares of ITM Power stock in a transaction on Monday, June 29th. The stock was acquired at an average cost of GBX 115 per share, with a total value of £197,800. Over the last ninety days, insiders have bought 172,565 shares of company stock valued at $19,854,853. Corporate insiders own 7.89% of the company’s stock.

ITM Power Company Profile

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.