ITM Power (LON:ITM) Share Price Passes Below 200-Day Moving Average – Should You Sell?

ITM Power Plc (LON:ITM)’s share price passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of GBX 42.61 ($0.53) and traded as low as GBX 35.52 ($0.44). ITM Power shares last traded at GBX 35.63 ($0.44), with a volume of 1,690,980 shares trading hands.

Analysts Set New Price Targets

Several research analysts recently issued reports on ITM shares. Berenberg Bank reissued a “hold” rating and set a GBX 59 ($0.73) target price on shares of ITM Power in a research note on Thursday, December 5th. Royal Bank of Canada reissued an “outperform” rating and set a GBX 70 ($0.87) price objective on shares of ITM Power in a research report on Friday, December 6th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a GBX 60 ($0.74) target price on shares of ITM Power in a research report on Friday, December 6th.

ITM Power Stock Down 3.2 %

The company has a debt-to-equity ratio of 4.73, a quick ratio of 7.56 and a current ratio of 4.17. The stock’s 50 day simple moving average is GBX 35.76 and its 200 day simple moving average is GBX 42.61. The firm has a market cap of £219.70 million, a P/E ratio of -890.65 and a beta of 2.03.

ITM Power (LON:ITM) last posted its earnings results on Friday, January 31st. The company reported GBX (4.70) (($0.06)) EPS for the quarter. ITM Power had a negative return on equity of 9.65% and a negative net margin of 164.90%. Research analysts anticipate that ITM Power Plc will post -8.9214682 EPS for the current year.

Insiders Place Their Bets

In related news, insider Simon Bourne bought 792 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were bought at an average price of GBX 38 ($0.47) per share, with a total value of £300.96 ($373.35). In the last ninety days, insiders purchased 1,605 shares of company stock valued at $60,177. Corporate insiders own 48.26% of the company’s stock.

About ITM Power

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.