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The city boys get all the insider info...... That's how they make billions
GS?
Quiggers52,
Only if that short position is 0.5% of the issued stock or more.
Goldman can sit on a 0.4999% short and tell the world to sell the stock, with no breach of the law.
Is it not the case that GS or anyone else under FCA has to declare a short interest position if they issue a sell rec. And same with a buy rec.
So armed with that, caveat emptor.
Possible but not lawful. Another FCA breach.
GLA
Sorry, meant "with Goldman only going short recently .."
Going back to this thread, Goldman have made a few quid with their short position today, as have Blackrock and JP Morgan. With Blackrock only going short recently, is it possible they had been leaked today's news?
BlackRock Investment Management (UK) Limited ITM POWER PLC GB00B0130H42 1.32% 22/06/2022
JPMorgan Asset Management (UK) Ltd ITM POWER PLC GB00B0130H42 1.21% 05/09/2022
Go4up, YES!
Agree.
ITM Power isn’t GC going around the world to teach PEM Hydrogen which I believe he does well.
Perhaps he now needs to be a senior technical director and a very experienced CEO is brought in to lead the company and take it forward.!Someone with proven experience in production, sales and communication needed to make ITM the Hydrogen leader it will be,
To add to bilbs excellent analysis I would recommend people listen to Andy Marsh (CEO of Plug Power) and contrast that with GC. Andy is always jetting off building relationships and setting up contracts and agreements globally and there's always something he's "looking forward to announcing soon", and sure enough, soon you actually get an announcment. GC on the other hand only talks about how big the market is but never any insight into any dealings he's personally having with potential customers. You can sometimes tell when someone is itching to tell you something about an imminent deal but they're not yet allowed to divulge info yet, and you almost never get that from GC. I should acknowledge that their big deals have been announced out of the blue...but when was the last one, I can't even remember.
If you want to see this in practice go look at the front page of the website.
What pratt puts "the trials and tribulations of transporting green hydrogen" on your front page?
What pratt puts "gigastack testing" on the front page (surely you have already tested your products)
There is no clear message that "ITM are open for business" there are too many negatives on the page
Then look at
https://www.shell.co.uk/a-cleaner-energy-future/hydrogen.html
or
https://nelhydrogen.com/
the difference is striking. These other two companies have a very clear message
In the 80s I watched a UK company lose a whole market in 4 years. They had no idea of their costs, they had no control of their sales channels and a Japanese company turned up and took their lunch off them. They knew their costs and they knew that the more they made the cheaper a product became so they set their price above the cost of manufacture if they won the whole market rather than if they just took some of the market. 4 years later they took the lot. Right now ITM by lack of sales channel controls and lack of cost driving experience are losing the whole market.
A great question and I have my views which have been discussed here a bit. Firstly they have subcontracted all the large unit sales activity to the Linde JV. I doubt that Linde salesmen are incentivised to sell electroysers when they normally sell hydrogen.
ITM-Power have also given away some of the sales channels to Shell and other large companies to manage and guess what, they are winning no orders.
That leaves a whole mixed-bag of confusion in what could be called a sales function. You have local MDs who are country wide salesmen/negotiators (eg Germany) then you have a team focused on governmental projects to keep the company close to any funding from Europe or UK, then you have the head of Marketing and then you have the head of Sales. All these people report into the CEO. Imagine a CEO with all his responsabilities has this enormous numbers of people reporting. If you doubt me have a look at the structure.
The CEO is also a centre of knowledge with some very firm ideas of what the technology can do. He also only wants the best orders at the best price, but also note that the prices are forecast to fall (many papers have been published that show this will happen even some specifically in the electrolyser fields).
So imagine you want to buy an electrolyser. You know the longer you wait the lower the price will be.... You know that ITM are offering a confused message (different companies for different industries) and there are other suppliers who understand that prices are only going to come down. You'd go to the easy company, the ones who offered you the best price and the best product with the easiest relationships, because "people buy from people".
ITM's other issue is that until they get some orders they will not got throughput going in their factory, and until they get thoughput the costs will not fall. If prices fall and costs do not then they end up in a margin crisis.
No orders because the product is not good or other problems?
Because either they don't have a proper sales department and/or they're more expensive than the competition would be my guess.
You're right of course Bilbo, the results will probably not tell us much that we don't already know or suspect but an indication of increased turnover might help. The shareholder communications from the BOD could be a lot better, as you say. The silence merely perpetuates the suspicion that things are not going well.
@bilboburgler: "The silence speaks volumes." -> what do you think that means?
No orders because the product is not good or other problems?
"I guess the results, when they do eventually arrive, may give us some indication of progress or otherwise."
My own view is annual results are always very backwards looking and in an exciting vibrant business in a rapidly growing market are pretty well useless. But then again this is ITM
Really, the stream of RNS should be tell us about what is going on. The silence speaks volumes.
Back in the good old days of 2020
https://www.ii.co.uk/analysis-commentary/how-alternative-energy-beat-oil-and-gas-aim-2020-ii514770
Out at 11.48 , £2.205 for a quick grand plus profit. Not earth shattering , they’ll probably carry on going up but makes up a bit for England’s sh*te performance in the cricket.
This won't finish 10% down, a few taking out profits, buys equal to sells. l2 looks good to climb back.
I'm happy.
I guess the results, when they do eventually arrive, may give us some indication of progress or otherwise. Personally I am not hopeful, based on previous experience of ITM reporting, but I would love to be proved wrong.
Not surprising electricity as a main source of energy will take off way before hydrogen take a look at Invinity energy systems and Bushveld Minerals with their subsidiary Cellcube.
Volatility = Money , for some anyway. Manipulation with the convenient excuse of a broker recommendation. Personally just bought 10k shares in to my ISA at under £2.10. Made £4K last time. Main holding staying put.
Strange how the market doesn't respond to 5 analysts giving this an overall buy consensus of 472p, but instantly responds to 1 marking it down, probably because that 1 opened a short
Something also seems weird that GS recommendations don't appear on the "Broker Ratings" lists. Anyone know why that is?
It's documented that they initiated their rating of ITM back in February as a HOLD (target around 280 I think).
I’m just glad the drop was due to a broker recommendation (to sell at 220):
“Goldman Sachs cuts ITM Power price target to 220 (230) pence - 'sell'”.
I thought it might be something serious at first. In any case the price is now below the target, which makes the ‘recommendation’ old news.