ITM Power (LON:ITM) Sets New 1-Year Low – Here’s Why

ITM Power Plc (LON:ITM) shares hit a new 52-week low during trading on Thursday . The stock traded as low as GBX 28.52 ($0.36) and last traded at GBX 28.70 ($0.36), with a volume of 1977637 shares traded. The stock had previously closed at GBX 29.28 ($0.37).

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ITM shares. Jefferies Financial Group reaffirmed a “buy” rating and issued a GBX 60 ($0.76) target price on shares of ITM Power in a research note on Friday, December 6th. Royal Bank of Canada reiterated an “outperform” rating and set a GBX 70 ($0.89) target price on shares of ITM Power in a research note on Friday, December 6th. Finally, Berenberg Bank reissued a “hold” rating and issued a GBX 59 ($0.75) price objective on shares of ITM Power in a report on Thursday, December 5th.

ITM Power Price Performance

The company has a market cap of £178.85 million, a P/E ratio of -6.57 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. The business’s fifty day moving average is GBX 35.31 and its 200 day moving average is GBX 40.82.

ITM Power (LON:ITM) last posted its quarterly earnings data on Friday, January 31st. The company reported GBX (4.70) (($0.06)) earnings per share (EPS) for the quarter. ITM Power had a negative return on equity of 9.97% and a negative net margin of 164.90%. As a group, sell-side analysts anticipate that ITM Power Plc will post -8.9214682 EPS for the current year.

Insider Buying and Selling at ITM Power

In other ITM Power news, insider Simon Bourne purchased 792 shares of ITM Power stock in a transaction dated Wednesday, January 15th. The stock was purchased at an average price of GBX 38 ($0.48) per share, with a total value of £300.96 ($381.69). In the last ninety days, insiders bought 1,634 shares of company stock worth $60,382. 48.26% of the stock is owned by corporate insiders.

ITM Power Company Profile

ITM Power was founded in 2000, and ITM Power PLC was admitted to the London Stock Exchange’s AIM market in 2004.

Headquartered in Sheffield, England, ITM Power designs and manufactures electrolysers based on proton exchange membrane (PEM) technology to produce green hydrogen, the only net zero energy gas, using renewable electricity and water.