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

ITM Power Plc (LON:ITM) reached a new 52-week low during 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 traded. The stock had previously closed at GBX 34.10 ($0.43).

Analysts Set New Price Targets

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

ITM Power Price Performance

The firm has a 50 day moving average price of GBX 43.42 and a 200 day moving average price of GBX 49.75. The company has a quick ratio of 7.56, a current ratio of 4.17 and a debt-to-equity ratio of 4.73. The stock has a market cap of £217.44 million, a P/E ratio of -881.50 and a beta of 2.03.

Insider Activity at ITM Power

In other news, insider Andy Allen acquired 658 shares of ITM Power stock in a transaction on Tuesday, October 15th. The shares were acquired at an average price of GBX 46 ($0.58) per share, with a total value of £302.68 ($379.44). Also, insider Simon Bourne acquired 60,126 shares of ITM Power stock in a transaction on Wednesday, October 30th. The stock was purchased at an average cost of GBX 42 ($0.53) per share, for a total transaction of £25,252.92 ($31,657.16). In the last 90 days, insiders have acquired 61,497 shares of company stock valued at $2,585,637. 48.26% of the stock is owned by company 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.