ITM Power (LON:ITM) Trading 14.1% Higher – Here’s Why

ITM Power Plc (LON:ITM)’s share price traded up 14.1% during mid-day trading on Saturday . The company traded as high as GBX 58.50 ($0.79) and last traded at GBX 56.80 ($0.76). 9,401,504 shares traded hands during mid-day trading, an increase of 141% from the average session volume of 3,905,325 shares. The stock had previously closed at GBX 49.80 ($0.67).

Analyst Upgrades and Downgrades

Separately, Berenberg Bank reiterated a “hold” rating and issued a GBX 59 ($0.79) price target on shares of ITM Power in a research note on Thursday, May 8th.

ITM Power Stock Up 14.1%

The stock has a market cap of £353.96 million, a PE ratio of -12.99 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. The company’s 50-day moving average price is GBX 34.76 and its 200 day moving average price is GBX 34.07.

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.