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

ITM Power Plc (LON:ITM)’s share price passed below its 200-day moving average during trading on Wednesday . The stock has a 200-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.

Analyst Ratings Changes

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

ITM Power Trading Up 0.6 %

The company has a market capitalization of £231.26 million, a price-to-earnings ratio of -937.50 and a beta of 2.03. 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 business’s 50 day moving average price is GBX 36.56 and its two-hundred day moving average price is GBX 45.29.

Insider Activity at ITM Power

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