ITM Power (LON:ITM) Stock Crosses Below 200-Day Moving Average – Time to Sell?

Shares of ITM Power Plc (LON:ITM) crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of GBX 50.90 ($0.66) and traded as low as GBX 39.40 ($0.51). ITM Power shares last traded at GBX 39.50 ($0.51), with a volume of 2,159,088 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank reduced 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 research report on Thursday, August 15th.

ITM Power Stock Up 1.1 %

The stock has a fifty day moving average of GBX 45.90 and a 200-day moving average of GBX 50.74. The firm has a market capitalization of £246.30 million, a price-to-earnings ratio of -998.50 and a beta of 2.03. The company has a current ratio of 4.17, a quick ratio of 7.56 and a debt-to-equity ratio of 4.73.

Insider Buying and Selling

In other news, insider Dennis Schulz purchased 518 shares of ITM Power stock in a transaction that occurred on Thursday, August 15th. The stock was acquired at an average price of GBX 58 ($0.76) per share, for a total transaction of £300.44 ($391.10). In related news, insider Simon Bourne acquired 60,126 shares of the company’s stock in a transaction on Wednesday, October 30th. The shares were purchased at an average price of GBX 42 ($0.55) per share, for a total transaction of £25,252.92 ($32,872.85). Also, insider Dennis Schulz bought 518 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were bought at an average cost of GBX 58 ($0.76) per share, with a total value of £300.44 ($391.10). In the last quarter, insiders have purchased 61,610 shares of company stock valued at $2,600,696. 48.26% of the stock is owned by corporate insiders.

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.