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

ITM Power Plc (LON:ITM) shares crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of GBX 46.67 ($0.59) and traded as low as GBX 34.60 ($0.43). ITM Power shares last traded at GBX 35.38 ($0.44), with a volume of 2,726,189 shares traded.

Wall Street Analyst Weigh In

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

ITM Power Price Performance

The company has a 50 day moving average of GBX 37.75 and a 200 day moving average of GBX 46.48. 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 firm has a market cap of £218.72 million, a price-to-earnings ratio of -886.68 and a beta of 2.03.

Insider Transactions at ITM Power

In related news, insider Andy Allen acquired 658 shares of the stock in a transaction dated Tuesday, October 15th. The stock was bought at an average price of GBX 46 ($0.58) per share, with a total value of £302.68 ($379.44). Also, insider Simon Bourne acquired 60,126 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The stock was bought at an average cost of GBX 42 ($0.53) per share, for a total transaction of £25,252.92 ($31,657.16). Insiders have acquired a total of 61,597 shares of company stock valued at $2,585,641 over the last 90 days. 48.26% of the stock is owned by company insiders.

ITM Power Company Profile

ITM Power Plc designs and manufactures proton exchange membrane (PEM) electrolysers in the United Kingdom, Germany, Australia, rest of Europe, and the United States. The company’s product portfolio comprises TRIDENT, an PEM electrolysers stack technology; NEPTUNE, a 2MW plug and play electrolyser for small to mid-size projects; and POSEIDON, a 20 MW electrolysis process module for large-scale projects.