ITM Power (LON:ITM) Stock Passes Above 200 Day Moving Average – What’s Next?

ITM Power Plc (LON:ITM)’s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of GBX 107.48 and traded as high as GBX 108.80. ITM Power shares last traded at GBX 107.48, with a volume of 6,353,183 shares.

Analyst Upgrades and Downgrades

Several brokerages have commented on ITM. Jefferies Financial Group raised ITM Power to a “buy” rating and lifted their price target for the stock from £115 to £200 in a research report on Thursday, May 7th. JPMorgan Chase & Co. raised their price objective on shares of ITM Power from GBX 60 to GBX 80 and gave the stock a “neutral” rating in a research note on Wednesday, August 5th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of GBX 5,062.50.

ITM Power Price Performance

The company has a debt-to-equity ratio of 6.99, a current ratio of 2.62 and a quick ratio of 7.56. The company’s 50 day moving average price is GBX 113.59 and its 200 day moving average price is GBX 107.48. The firm has a market capitalization of £736.29 million, a P/E ratio of -21.34 and a beta of 2.85.

Insider Buying and Selling at ITM Power

In other news, insider Warren East purchased 172,000 shares of the firm’s stock in a transaction dated Monday, June 29th. The stock was bought at an average price of GBX 115 per share, with a total value of £197,800. Insiders have acquired 172,381 shares of company stock worth $19,825,045 over the last quarter. Company insiders own 7.89% of the company’s stock.

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.