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

ITM Power Plc (LON:ITM)’s stock price passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of GBX 72.10 and traded as low as GBX 62.80. ITM Power shares last traded at GBX 63.35, with a volume of 1,368,690 shares trading hands.

Wall Street Analysts Forecast Growth

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

ITM Power Price Performance

The stock has a market capitalization of £390.32 million, a price-to-earnings ratio of -8.56 and a beta of 2.03. The stock has a 50 day moving average price of GBX 69.37 and a 200-day moving average price of GBX 72.10. The company has a debt-to-equity ratio of 4.73, a current ratio of 4.17 and a quick ratio of 7.56.

Insider Buying and Selling

In related news, insider Simon Bourne purchased 466 shares of ITM Power stock in a transaction dated Tuesday, December 16th. The shares were acquired at an average cost of GBX 64 per share, with a total value of £298.24. Also, insider Dennis Schulz acquired 466 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The stock was purchased at an average price of GBX 64 per share, for a total transaction of £298.24. Insiders bought 1,692 shares of company stock valued at $119,782 over the last 90 days. Company insiders own 8.73% 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.