ITM Power (LON:ITM) Shares Break Below 200-Day Moving Average – Should You Sell?

ITM Power Plc (LON:ITM)’s share price passed below its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of GBX 115.82 and traded as low as GBX 98.20. ITM Power shares last traded at GBX 101.80, with a volume of 1,565,401 shares.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. raised their price objective on ITM Power from GBX 60 to GBX 80 and gave the stock a “neutral” rating in a research note on Wednesday, August 5th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of GBX 5,062.50.

ITM Power Price Performance

The stock has a 50 day moving average of GBX 104.17 and a two-hundred day moving average of GBX 115.82. 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 stock has a market cap of £702.63 million, a PE ratio of -20.36 and a beta of 2.85.

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.