ITM Power (LON:ITM) Reaches New 52-Week Low – Should You Sell?

ITM Power Plc (LON:ITM) hit a new 52-week low during trading on Thursday . The stock traded as low as GBX 26.60 ($0.34) and last traded at GBX 27.16 ($0.35), with a volume of 2431195 shares. The stock had previously closed at GBX 27.98 ($0.36).

Analysts Set New Price Targets

A number of research firms have weighed in on ITM. Royal Bank of Canada reaffirmed an “outperform” rating and set a GBX 70 ($0.90) target price on shares of ITM Power in a report on Friday, December 6th. Berenberg Bank reiterated a “hold” rating and issued a GBX 59 ($0.76) price objective on shares of ITM Power in a research report on Thursday, December 5th. Finally, Jefferies Financial Group reissued a “buy” rating and set a GBX 60 ($0.77) price objective on shares of ITM Power in a research note on Friday, December 6th.

ITM Power Stock Down 2.9 %

The stock’s fifty day moving average price is GBX 34.63 and its 200 day moving average price is GBX 39.89. 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 stock has a market cap of £169.25 million, a P/E ratio of -6.21 and a beta of 2.03.

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

Insider Buying and Selling

In related news, insider Amy Grey purchased 102,455 shares of the firm’s stock in a transaction on Friday, February 28th. The shares were acquired at an average cost of GBX 29 ($0.37) per share, with a total value of £29,711.95 ($38,298.47). Also, insider Simon Bourne acquired 792 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were bought at an average cost of GBX 38 ($0.49) per share, with a total value of £300.96 ($387.94). Insiders have acquired a total of 104,089 shares of company stock worth $3,031,577 in the last 90 days. 48.26% of the stock is owned by company 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.