ITM Power (LON:ITM) Stock Price Crosses Below 200 Day Moving Average – Time to Sell?

ITM Power Plc (LON:ITM)’s share price crossed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of GBX 73.18 and traded as low as GBX 62. ITM Power shares last traded at GBX 63, with a volume of 610,013 shares.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Berenberg Bank reissued a “buy” rating and issued a GBX 100 target price on shares of ITM Power in a research report on Thursday, December 4th. Jefferies Financial Group boosted their target price on shares of ITM Power from GBX 60 to GBX 115 and gave the company a “buy” rating in a research note on Wednesday, October 1st. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of GBX 107.50.

ITM Power Trading Down 1.1%

The company has a market capitalization of £388.19 million, a P/E ratio of -8.51 and a beta of 2.03. The stock has a 50 day moving average of GBX 73.09 and a 200-day moving average of GBX 73.11. The company has a current ratio of 4.17, a quick ratio of 7.56 and a debt-to-equity ratio of 4.73.

Insider Transactions at ITM Power

In other ITM Power news, insider Simon Bourne bought 466 shares of the firm’s stock in a transaction that occurred on Tuesday, December 16th. The shares were bought at an average price of GBX 64 per share, with a total value of £298.24. Also, insider Dennis Schulz purchased 466 shares of the stock in a transaction that occurred on Tuesday, December 16th. The stock was acquired at an average cost of GBX 64 per share, for a total transaction of £298.24. Over the last three months, insiders have acquired 1,692 shares of company stock worth $119,782. Insiders own 8.73% of the company’s stock.

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.