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

Shares of ITM Power Plc (LON:ITM) passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of GBX 69.79 and traded as low as GBX 60.30. ITM Power shares last traded at GBX 63.90, with a volume of 1,446,401 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ITM. Berenberg Bank restated a “buy” rating and set a GBX 100 target price on shares of ITM Power in a research report on Thursday, January 29th. UBS Group restated a “neutral” rating and issued a GBX 60 price objective on shares of ITM Power in a report on Friday, January 16th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of GBX 91.67.

ITM Power Price Performance

The firm has a market capitalization of £400.61 million, a price-to-earnings ratio of -13.00 and a beta of 2.03. The company has a fifty day moving average price of GBX 64.05 and a two-hundred day moving average price of GBX 69.79. The company has a quick ratio of 7.56, a current ratio of 4.17 and a debt-to-equity ratio of 4.73.

ITM Power (LON:ITM) last announced its earnings results on Thursday, January 29th. The company reported GBX (2.30) earnings per share for the quarter. ITM Power had a negative net margin of 164.90% and a negative return on equity of 9.97%. On average, equities research analysts expect that ITM Power Plc will post -8.9214682 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Simon Bourne purchased 466 shares of the stock in a transaction that occurred on Tuesday, December 16th. The stock was purchased at an average cost of GBX 64 per share, for a total transaction of £298.24. Also, insider Dennis Schulz acquired 466 shares of the stock in a transaction on Tuesday, December 16th. The stock was purchased at an average cost of GBX 64 per share, with a total value of £298.24. In the last three months, insiders bought 1,868 shares of company stock valued at $119,496. Company 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.