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

Shares of ITM Power Plc (LON:ITM) reached a new 52-week low on Wednesday . The company traded as low as GBX 25.08 ($0.32) and last traded at GBX 26.90 ($0.35), with a volume of 3451246 shares trading hands. The stock had previously closed at GBX 25.62 ($0.33).

Analyst Ratings Changes

A number of brokerages have commented on ITM. Jefferies Financial Group reiterated a “buy” rating and issued a GBX 60 ($0.78) price target on shares of ITM Power in a research note on Friday, December 6th. Royal Bank of Canada reissued an “outperform” rating and issued a GBX 70 ($0.91) target price on shares of ITM Power in a research report on Friday, December 6th. Finally, Berenberg Bank reissued a “hold” rating and set a GBX 59 ($0.76) target price on shares of ITM Power in a report on Thursday, December 5th.

ITM Power Trading Up 5.0 %

The firm has a market capitalization of £167.63 million, a P/E ratio of -6.15 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 firm has a 50-day moving average of GBX 33.91 and a two-hundred day moving average of GBX 39.11.

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

Insider Transactions at ITM Power

In other news, insider Amy Grey purchased 102,455 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were purchased at an average price of GBX 29 ($0.38) per share, for a total transaction of £29,711.95 ($38,467.05). Also, insider Simon Bourne bought 792 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were purchased at an average cost of GBX 38 ($0.49) per share, with a total value of £300.96 ($389.64). Over the last 90 days, insiders have acquired 104,089 shares of company stock worth $3,031,577. Company insiders own 48.26% of the company’s stock.

About ITM Power

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.