ITM Power (LON:ITM) Stock Crosses Below 200 Day Moving Average of $52.77

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 52.77 ($0.71) and traded as low as GBX 46.22 ($0.62). ITM Power shares last traded at GBX 47.30 ($0.63), with a volume of 2,190,123 shares.

Wall Street Analysts Forecast Growth

ITM has been the subject of several recent research reports. JPMorgan Chase & Co. lowered ITM Power to a “neutral” rating and cut their price target for the company from GBX 130 ($1.74) to GBX 90 ($1.21) in a report on Tuesday, July 9th. Berenberg Bank dropped their price objective on ITM Power from GBX 60 ($0.80) to GBX 59 ($0.79) and set a “hold” rating on the stock in a research note on Thursday, August 15th.

ITM Power Stock Up 0.9 %

The firm’s 50 day simple moving average is GBX 51.04 and its 200-day simple moving average is GBX 52.69. The company has a debt-to-equity ratio of 4.73, a current ratio of 4.17 and a quick ratio of 7.56. The company has a market cap of £298.72 million, a price-to-earnings ratio of -1,211.00 and a beta of 2.03.

Insider Activity

In other news, insider Dennis Schulz bought 518 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were purchased at an average price of GBX 58 ($0.78) per share, for a total transaction of £300.44 ($402.30). Insiders have acquired 1,058 shares of company stock worth $60,216 over the last ninety days. 48.26% of the stock is currently owned by insiders.

About ITM Power

ITM Power Plc designs and manufactures proton exchange membrane (PEM) electrolysers in the United Kingdom, Germany, Australia, rest of Europe, and the United States. Its product portfolio includes TRIDENT, an PEM electrolysers stack technology; NEPTUNE, a 2MW plug and play electrolyser for small to mid-size projects; and POSEIDON, a cutting-edge 20 MW module for large-scale projects.