ITM Power (LON:ITM) Shares Pass Below Two Hundred Day Moving Average – Here’s Why

Shares of ITM Power Plc (LON:ITM) 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 ($0.33). ITM Power shares last traded at GBX 26.82 ($0.35), with a volume of 3,574,053 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ITM. Royal Bank of Canada reiterated an “outperform” rating and issued a GBX 70 ($0.90) target price on shares of ITM Power in a research report on Friday, December 6th. Berenberg Bank reissued a “hold” rating and issued a GBX 59 ($0.76) price objective on shares of ITM Power in a research note on Thursday, December 5th. Finally, Jefferies Financial Group restated a “buy” rating and issued a GBX 60 ($0.77) target price on shares of ITM Power in a research report on Friday, December 6th.

ITM Power Trading Up 7.3 %

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 firm has a market cap of £180.59 million, a P/E ratio of -6.63 and a beta of 2.03. The business’s fifty day moving average is GBX 31.86 and its 200-day moving average is GBX 37.51.

ITM Power (LON:ITM) last announced 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%. Analysts predict that ITM Power Plc will post -8.9214682 EPS for the current year.

Insider Buying and Selling

In other 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 cost of GBX 38 ($0.49) per share, for a total transaction of £300.96 ($387.49). Also, insider Amy Grey acquired 102,455 shares of the stock in a transaction on Friday, February 28th. The shares were acquired at an average price of GBX 29 ($0.37) per share, for a total transaction of £29,711.95 ($38,254.09). Insiders acquired 104,209 shares of company stock valued at $3,031,265 over the last 90 days. Company insiders own 48.26% 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.