ITM Power (LON:ITM) Trading Up 18.4% – Still a Buy?

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

Analyst Upgrades and Downgrades

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

ITM Power Trading Up 18.4%

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

ITM Power Company Profile

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.