ITM Power (LON:ITM) Stock Passes Below Two Hundred Day Moving Average - What's Next?

ITM Power Plc (LON:ITM - Get Free Report)'s share price crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of GBX 37.73 ($0.49) and traded as low as GBX 25.96 ($0.34). ITM Power shares last traded at GBX 26.82 ($0.35), with a volume of 3,574,053 shares traded.

Analysts Set New Price Targets

Several research firms have weighed in on ITM. Berenberg Bank reissued a "hold" rating and set a GBX 59 ($0.76) price target on shares of ITM Power in a research report on Thursday, December 5th. Royal Bank of Canada reiterated an "outperform" rating and set a GBX 70 ($0.91) price objective on shares of ITM Power in a research report on Friday, December 6th. Finally, Jefferies Financial Group restated a "buy" rating and issued a GBX 60 ($0.78) target price on shares of ITM Power in a report on Friday, December 6th.

ITM Power Trading Down 2.3 %

The business has a 50 day simple moving average of GBX 31.69 and a two-hundred day simple moving average of GBX 37.44. 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 company has a market cap of £167.76 million, a PE ratio of -6.16 and a beta of 2.03.

ITM Power (LON:ITM - Get Free Report) last released its earnings results on Friday, January 31st. The company reported GBX (4.70) (($0.06)) earnings per share for the quarter. ITM Power had a negative return on equity of 9.97% and a negative net margin of 164.90%. On average, analysts forecast that ITM Power Plc will post -8.9214682 EPS for the current fiscal year.

Insider Activity at ITM Power

In other news, insider Amy Grey bought 102,455 shares of ITM Power stock in a transaction that occurred on Friday, February 28th. The shares were purchased at an average price of GBX 29 ($0.38) per share, for a total transaction of £29,711.95 ($38,457.09). Also, insider Simon Bourne purchased 792 shares of the company's stock in a transaction on Wednesday, January 15th. The shares were purchased at an average price of GBX 38 ($0.49) per share, with a total value of £300.96 ($389.54). Over the last three months, insiders purchased 104,209 shares of company stock worth $3,031,265. 48.26% of the stock is owned by company 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.