ITM Power (LON:ITM) Stock Price Crosses Above Fifty Day Moving Average – Should You Sell?

ITM Power Plc (LON:ITM)’s share price passed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of GBX 66.73 and traded as high as GBX 71.50. ITM Power shares last traded at GBX 68.40, with a volume of 2,693,304 shares changing hands.

Wall Street Analysts Forecast Growth

ITM has been the topic of several research analyst reports. Berenberg Bank reissued a “buy” rating and set a GBX 100 target price on shares of ITM Power in a research report on Thursday, December 4th. UBS Group reissued a “neutral” rating and set a GBX 60 price objective on shares of ITM Power in a report on Friday, January 16th. Finally, Jefferies Financial Group upped their target price on ITM Power from GBX 60 to GBX 115 and gave the company a “buy” rating in a research report on Wednesday, October 1st. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of GBX 91.67.

ITM Power Stock Down 0.6%

The company has a current ratio of 4.17, a quick ratio of 7.56 and a debt-to-equity ratio of 4.73. The company has a market capitalization of £418.99 million, a PE ratio of -9.19 and a beta of 2.03. The business’s 50-day simple moving average is GBX 66.73 and its 200-day simple moving average is GBX 70.63.

Insiders Place Their Bets

In other ITM Power news, insider Dennis Schulz purchased 466 shares of the stock in a transaction on Tuesday, December 16th. The shares were bought at an average cost of GBX 64 per share, with a total value of £298.24. Also, insider Simon Bourne purchased 466 shares of the business’s stock in a transaction on Tuesday, December 16th. The shares were bought at an average cost of GBX 64 per share, for a total transaction of £298.24. Insiders bought 1,792 shares of company stock worth $119,656 in the last quarter. 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.