ITM Power (LON:ITM) Shares Pass Below Two Hundred Day Moving Average – Should You Sell?

ITM Power Plc (LON:ITM) shares passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of GBX 45.83 ($0.57) and traded as low as GBX 34.18 ($0.43). ITM Power shares last traded at GBX 35.70 ($0.45), with a volume of 476,241 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Jefferies Financial Group restated a “buy” rating and set a GBX 60 ($0.75) target price on shares of ITM Power in a research note on Friday, December 6th. Royal Bank of Canada restated an “outperform” rating and set a GBX 70 ($0.88) price objective on shares of ITM Power in a research report on Friday, December 6th. Finally, Berenberg Bank reaffirmed a “hold” rating and issued a GBX 59 ($0.74) target price on shares of ITM Power in a research report on Thursday, December 5th.

ITM Power Price Performance

The firm has a market capitalization of £220.65 million, a price-to-earnings ratio of -894.50 and a beta of 2.03. The company’s 50 day moving average is GBX 36.83 and its 200 day moving average is GBX 45.66. The company has a quick ratio of 7.56, a current ratio of 4.17 and a debt-to-equity ratio of 4.73.

Insiders Place Their Bets

In related news, insider Andy Allen purchased 658 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was acquired at an average price of GBX 46 ($0.58) per share, with a total value of £302.68 ($378.73). Also, insider Simon Bourne acquired 60,126 shares of ITM Power stock in a transaction on Wednesday, October 30th. The shares were purchased at an average price of GBX 42 ($0.53) per share, for a total transaction of £25,252.92 ($31,597.75). Insiders have acquired a total of 61,597 shares of company stock worth $2,585,641 in the last quarter. Corporate 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.