ITM Power (LON:ITM) Share Price Crosses Below 200-Day Moving Average - Here's What Happened

ITM Power Plc (LON:ITM - Get Free Report) shares crossed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred 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 trading hands.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ITM. Jefferies Financial Group reiterated a "buy" rating and issued a GBX 60 ($0.74) price target on shares of ITM Power in a research note on Friday, December 6th. Berenberg Bank reiterated a "hold" rating and issued a GBX 59 ($0.73) target price on shares of ITM Power in a research report on Thursday, December 5th. Finally, Royal Bank of Canada restated an "outperform" rating and set a GBX 70 ($0.86) price target on shares of ITM Power in a report on Friday, December 6th.

ITM Power Stock Performance

The firm has a 50 day moving average of GBX 36.48 and a 200-day moving average of GBX 45.24. The company has a market cap of £233.63 million, a P/E ratio of -947.13 and a beta of 2.03. The company has a quick ratio of 7.56, a current ratio of 4.17 and a debt-to-equity ratio of 4.73.

Insider Transactions at ITM Power

In related news, insider Andy Allen acquired 658 shares of the firm's stock in a transaction that occurred on Tuesday, October 15th. The stock was purchased at an average cost of GBX 46 ($0.57) per share, for a total transaction of £302.68 ($372.44). Also, insider Simon Bourne acquired 60,126 shares of the company's stock in a transaction that occurred on Wednesday, October 30th. The shares were bought at an average cost of GBX 42 ($0.52) per share, for a total transaction of £25,252.92 ($31,072.87). In the last 90 days, insiders have bought 61,597 shares of company stock valued at $2,585,641. 48.26% of the stock is currently owned by corporate insiders.

ITM Power Company Profile

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.