ITM Power (LON:ITM) Reaches New 12-Month Low – Here’s What Happened

ITM Power Plc (LON:ITM)’s stock price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as GBX 42.02 ($0.55) and last traded at GBX 42.48 ($0.55), with a volume of 4048537 shares changing hands. The stock had previously closed at GBX 43.12 ($0.56).

Analyst Ratings Changes

ITM has been the subject of several recent research reports. JPMorgan Chase & Co. lowered shares of ITM Power to a “neutral” rating and cut their target price for the company from GBX 130 ($1.70) to GBX 90 ($1.18) in a report on Tuesday, July 9th. Berenberg Bank cut their price objective on shares of ITM Power from GBX 60 ($0.78) to GBX 59 ($0.77) and set a “hold” rating for the company in a report on Thursday, August 15th.

ITM Power Stock Up 3.2 %

The company has a market cap of £268.75 million, a PE ratio of -1,089.50 and a beta of 2.03. The business has a 50-day simple moving average of GBX 49.25 and a 200-day simple moving average of GBX 51.95. The company has a quick ratio of 7.56, a current ratio of 4.17 and a debt-to-equity ratio of 4.73.

Insider Activity

In other news, insider Andy Allen acquired 658 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was bought at an average cost of GBX 46 ($0.60) per share, for a total transaction of £302.68 ($395.25). In other ITM Power news, insider Dennis Schulz purchased 518 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were purchased at an average cost of GBX 58 ($0.76) per share, with a total value of £300.44 ($392.32). Also, insider Andy Allen purchased 658 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were acquired at an average price of GBX 46 ($0.60) per share, for a total transaction of £302.68 ($395.25). Insiders have acquired 1,484 shares of company stock worth $75,404 in the last quarter. Corporate insiders own 48.26% of the company’s stock.

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. The company’s product portfolio comprises TRIDENT, an PEM electrolysers stack technology; NEPTUNE, a 2MW plug and play electrolyser for small to mid-size projects; and POSEIDON, a 20 MW electrolysis process module for large-scale projects.