ITM Power (LON:ITM) Share Price Passes Below 200-Day Moving Average - Here's Why

Key Points

• ITM Power shares fell below their 200-day moving average of GBX 103.60, reaching GBX 98.65 before last trading at GBX 101.80.
• Analyst sentiment remains positive: Jefferies upgraded the stock to “Buy” and raised its target to £200, while Berenberg lifted its target to GBX 110. The overall consensus rating is “Moderate Buy.”
• Insider Warren East purchased 172,000 shares at GBX 115, and insiders bought approximately 172,565 shares over the past 90 days; insiders own 7.89% of the company.

ITM Power Plc (LON:ITM - Get Free Report)'s share price crossed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of GBX 103.60 and traded as low as GBX 98.65. ITM Power shares last traded at GBX 101.80, with a volume of 2,460,377 shares.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on ITM shares. Jefferies Financial Group raised ITM Power to a "buy" rating and boosted their price target for the stock from £115 to £200 in a report on Thursday, May 7th. Berenberg Bank increased their price objective on ITM Power from GBX 100 to GBX 110 and gave the company a "buy" rating in a research note on Tuesday, April 14th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of GBX 6,723.33.

ITM Power Stock Performance

The company has a market cap of £702.63 million, a price-to-earnings ratio of -20.36 and a beta of 2.89. The stock's fifty day simple moving average is GBX 128.93 and its two-hundred day simple moving average is GBX 103.60. The company has a debt-to-equity ratio of 6.99, a quick ratio of 7.56 and a current ratio of 2.62.

Insider Buying and Selling

In other news, insider Warren East purchased 172,000 shares of the company's stock in a transaction on Monday, June 29th. The stock was bought at an average cost of GBX 115 per share, for a total transaction of £197,800. Insiders bought 172,565 shares of company stock worth $19,854,853 in the last ninety days. Corporate insiders own 7.89% of the company's stock.

About ITM Power

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.

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