ITM Power (LON:ITM) Stock Price Passes Above 200-Day Moving Average – What’s Next?

ITM Power Plc (LON:ITM)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of GBX 78.42 and traded as high as GBX 167. ITM Power shares last traded at GBX 164.10, with a volume of 3,054,093 shares changing hands.

Analyst Ratings Changes

Several research firms recently commented on ITM. UBS Group reiterated a “neutral” rating and issued a GBX 60 price objective on shares of ITM Power in a research note on Friday, January 16th. Jefferies Financial Group upgraded ITM Power to a “buy” rating and upped their price objective for the company from £115 to £200 in a research note on Thursday, May 7th. Finally, Berenberg Bank upped their price objective on ITM Power from GBX 100 to GBX 110 and gave the company a “buy” rating in a research note on Tuesday, April 14th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of GBX 6,723.33.

ITM Power Price Performance

The business’s fifty day simple moving average is GBX 99.70 and its 200-day simple moving average is GBX 79. The company has a current ratio of 2.62, a quick ratio of 7.56 and a debt-to-equity ratio of 6.99. The firm has a market cap of £1.11 billion, a P/E ratio of -32.26 and a beta of 2.76.

About ITM Power

ITM Power designs and manufactures industrial-scale electrolysers for green hydrogen production. Its proprietary PEM technology, vertically integrated manufacturing, and in-house engineering capabilities enable it to supply standardised, high-performance hydrogen plants.

With a proven track record in large-scale projects, ITM Power helps leading industrial and energy companies achieve their decarbonisation goals. In addition to its equipment offering, the company provides reliable and cost-competitive hydrogen supply through its build, own and operate (BOO) model, Hydropulse.

Headquartered in the UK, ITM Power is listed on the London Stock Exchange AIM (LSE: ITM) and holds the Green Economy Mark, which recognises companies that generate over 50% of their revenues from green products and services.