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

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

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on ITM shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a GBX 70 ($0.90) price objective on shares of ITM Power in a research note on Friday, December 6th. Berenberg Bank reaffirmed a “hold” rating and issued a GBX 59 ($0.76) price target 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 ($0.78) price objective on shares of ITM Power in a report on Friday, December 6th.

ITM Power Stock Performance

The company’s 50 day moving average price is GBX 34.45 and its 200-day moving average price is GBX 39.80. The stock has a market cap of £168.01 million, a P/E ratio of -6.17 and a beta of 2.03. The company has a debt-to-equity ratio of 4.73, a quick ratio of 7.56 and a current ratio of 4.17.

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 return on equity of 9.97% and a negative net margin of 164.90%. Equities analysts forecast that ITM Power Plc will post -8.9214682 EPS for the current fiscal year.

Insider Activity

In related news, insider Amy Grey acquired 102,455 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The stock was acquired at an average price of GBX 29 ($0.37) per share, for a total transaction of £29,711.95 ($38,402.42). Also, insider Simon Bourne bought 792 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was bought at an average price of GBX 38 ($0.49) per share, for a total transaction of £300.96 ($388.99). Insiders acquired a total of 104,089 shares of company stock valued at $3,031,577 over the last three months. Corporate 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.