ITM Power (LON:ITM) Hits New 52-Week Low – Here’s Why

ITM Power Plc (LON:ITM) reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as GBX 32.90 ($0.41) and last traded at GBX 34.24 ($0.43), with a volume of 3530574 shares. The stock had previously closed at GBX 34.10 ($0.43).

Analysts Set New Price Targets

Separately, Berenberg Bank decreased their price target on shares of ITM Power from GBX 60 ($0.75) to GBX 59 ($0.74) and set a “hold” rating on the stock in a report on Thursday, August 15th.

ITM Power Stock Performance

The business’s fifty day simple moving average is GBX 43.42 and its 200-day simple moving average is GBX 49.75. The company has a current ratio of 4.17, a quick ratio of 7.56 and a debt-to-equity ratio of 4.73. The firm has a market cap of £217.44 million, a P/E ratio of -881.50 and a beta of 2.03.

Insiders Place Their Bets

In other ITM Power news, insider Simon Bourne acquired 60,126 shares of ITM Power stock in a transaction that occurred on Wednesday, October 30th. The stock was bought at an average cost of GBX 42 ($0.53) per share, for a total transaction of £25,252.92 ($31,657.16). Also, insider Andy Allen bought 658 shares of the stock in a transaction on Tuesday, October 15th. The shares were bought at an average price of GBX 46 ($0.58) per share, for a total transaction of £302.68 ($379.44). Over the last quarter, insiders have acquired 61,497 shares of company stock worth $2,585,637. 48.26% of the stock is currently owned by company insiders.

ITM Power Company Profile

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.