ITM Power (LON:ITM) Share Price Crosses Below Two Hundred Day Moving Average – Here’s What Happened

ITM Power Plc (LON:ITM)’s share price crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of GBX 101.79 and traded as low as GBX 100.70. ITM Power shares last traded at GBX 102.10, with a volume of 2,446,593 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Jefferies Financial Group raised ITM Power to a “buy” rating and increased their target price for the stock from £115 to £200 in a report on Thursday, May 7th. Berenberg Bank boosted their price target on ITM Power from GBX 100 to GBX 110 and gave the company a “buy” rating in a report on Tuesday, April 14th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, ITM Power has an average rating of “Moderate Buy” and a consensus price target of GBX 6,723.33.

ITM Power Stock Performance

The stock’s 50-day moving average price is GBX 136.20 and its 200-day moving average price is GBX 101.79. The company has a current ratio of 2.62, a quick ratio of 7.56 and a debt-to-equity ratio of 6.99. The company has a market capitalization of £704.70 million, a P/E ratio of -20.42 and a beta of 2.89.

Insiders Place Their Bets

In other ITM Power news, insider Warren East acquired 172,000 shares of the company’s stock in a transaction that occurred on Monday, June 29th. The shares were purchased at an average price of GBX 115 per share, for a total transaction of £197,800. Insiders have bought a total of 172,565 shares of company stock worth $19,854,853 in the last quarter. 7.89% of the stock is owned by corporate insiders.

ITM Power Company Profile

ITM Power designs and manufactures industrial-scale electrolysers for green hydrogen production. Its proprietary PEM technology, vertically integrated manufacturing, and in-house engineering capabilities enable it to supply standardised, high-performance hydrogen plants.

With a proven track record in large-scale projects, ITM Power helps leading industrial and energy companies achieve their decarbonisation goals. In addition to its equipment offering, the company provides reliable and cost-competitive hydrogen supply through its build, own and operate (BOO) model, Hydropulse.

Headquartered in the UK, ITM Power is listed on the London Stock Exchange AIM (LSE: ITM) and holds the Green Economy Mark, which recognises companies that generate over 50% of their revenues from green products and services.