ITM Power (LON:ITM) Stock Price Up 18.4% – Here’s Why

ITM Power Plc (LON:ITM) shot up 18.4% on Saturday . The company traded as high as GBX 75.20 ($1.02) and last traded at GBX 72.70 ($0.98). 13,991,459 shares were traded during trading, an increase of 203% from the average session volume of 4,618,578 shares. The stock had previously closed at GBX 61.40 ($0.83).

Analysts Set New Price Targets

Separately, Berenberg Bank reissued a “hold” rating and issued a GBX 59 ($0.80) price target on shares of ITM Power in a research report on Thursday, May 8th.

ITM Power Stock Up 18.4%

The stock has a 50 day simple moving average of GBX 39.05 and a 200-day simple moving average of GBX 35.29. The firm has a market cap of £453.04 million, a PE ratio of -16.63 and a beta of 2.03. The company has a debt-to-equity ratio of 4.73, a current ratio of 4.17 and a quick ratio of 7.56.

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.