ITM Power (LON:ITM) Reaches New 1-Year Low – What’s Next?

ITM Power Plc (LON:ITM) reached a new 52-week low on Wednesday . The stock traded as low as GBX 32.20 ($0.41) and last traded at GBX 34.50 ($0.44), with a volume of 1800714 shares changing hands. The stock had previously closed at GBX 33.66 ($0.43).

Analysts Set New Price Targets

ITM has been the subject of several recent research reports. Jefferies Financial Group reissued a “buy” rating and set a GBX 60 ($0.77) price target on shares of ITM Power in a report on Friday. Berenberg Bank reiterated a “hold” rating and set a GBX 59 ($0.75) price objective on shares of ITM Power in a research note on Thursday. Finally, Royal Bank of Canada restated an “outperform” rating and set a GBX 70 ($0.89) target price on shares of ITM Power in a research note on Friday.

ITM Power Stock Performance

The company has a quick ratio of 7.56, a current ratio of 4.17 and a debt-to-equity ratio of 4.73. The business has a 50 day moving average price of GBX 40.95 and a two-hundred day moving average price of GBX 48.54. The stock has a market cap of £215.90 million, a P/E ratio of -883.00 and a beta of 2.03.

Insider Activity

In related news, insider Andy Allen bought 658 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was purchased at an average price of GBX 46 ($0.59) per share, for a total transaction of £302.68 ($386.22). Also, insider Simon Bourne purchased 60,126 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was bought at an average price of GBX 42 ($0.54) per share, with a total value of £25,252.92 ($32,222.69). In the last ninety days, insiders bought 61,497 shares of company stock worth $2,585,637. 48.26% of the stock is currently owned by insiders.

ITM Power Company Profile

ITM Power Plc designs and manufactures proton exchange membrane (PEM) electrolysers in the United Kingdom, Germany, Australia, rest of Europe, and the United States. The company’s product portfolio comprises TRIDENT, an PEM electrolysers stack technology; NEPTUNE, a 2MW plug and play electrolyser for small to mid-size projects; and POSEIDON, a 20 MW electrolysis process module for large-scale projects.