ITM Power (LON:ITM) Trading Down 6.4% on Analyst Downgrade

Shares of ITM Power Plc (LON:ITM) fell 6.4% on Thursday after Berenberg Bank lowered their price target on the stock from GBX 60 to GBX 59. Berenberg Bank currently has a hold rating on the stock. ITM Power traded as low as GBX 53.95 ($0.69) and last traded at GBX 54.45 ($0.70). 6,271,225 shares were traded during trading, an increase of 155% from the average session volume of 2,458,249 shares. The stock had previously closed at GBX 58.15 ($0.74).

Separately, JPMorgan Chase & Co. lowered shares of ITM Power to a “neutral” rating and decreased their price objective for the company from GBX 130 ($1.66) to GBX 90 ($1.15) in a research report on Tuesday, July 9th.

Insider Activity

In other news, insider Dennis Schulz acquired 518 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was bought at an average price of GBX 58 ($0.74) per share, with a total value of £300.44 ($383.61). Insiders bought a total of 1,044 shares of company stock valued at $60,118 in the last three months. 35.44% of the stock is currently owned by corporate insiders.

ITM Power Price Performance

The company has a 50-day moving average of GBX 52.97 and a 200 day moving average of GBX 54.43. The company has a quick ratio of 7.56, a current ratio of 4.45 and a debt-to-equity ratio of 2.62. The stock has a market capitalization of £318.56 million, a PE ratio of -516.00 and a beta of 2.07.

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. Its product portfolio includes TRIDENT, an PEM electrolysers stack technology; NEPTUNE, a 2MW plug and play electrolyser for small to mid-size projects; and POSEIDON, a cutting-edge 20 MW module for large-scale projects.