ITM Power (LON:ITM) Shares Down 6.4% Following Analyst Downgrade

ITM Power Plc (LON:ITM) traded down 6.4% during mid-day trading on Thursday after Berenberg Bank lowered their price target on the stock from GBX 60 to GBX 59. Berenberg Bank currently has a hold rating on the stock. ITM Power traded as low as GBX 53.95 ($0.69) and last traded at GBX 54.45 ($0.70). 6,271,225 shares changed hands during trading, an increase of 155% from the average session volume of 2,458,249 shares. The stock had previously closed at GBX 58.15 ($0.74).

Separately, JPMorgan Chase & Co. cut ITM Power to a “neutral” rating and lowered their price target for the stock from GBX 130 ($1.66) to GBX 90 ($1.15) in a research report on Tuesday, July 9th.

Insiders Place Their Bets

In other ITM Power news, insider Dennis Schulz bought 518 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were purchased at an average price of GBX 58 ($0.74) per share, for a total transaction of £300.44 ($383.61). Over the last quarter, insiders bought 1,044 shares of company stock worth $60,118. Company insiders own 35.44% of the company’s stock.

ITM Power Stock Down 5.2 %

The company has a debt-to-equity ratio of 2.62, a current ratio of 4.45 and a quick ratio of 7.56. The firm has a market cap of £318.56 million, a price-to-earnings ratio of -516.00 and a beta of 2.07. The business has a fifty day simple moving average of GBX 52.97 and a 200 day simple moving average of GBX 54.43.

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.