ITM Power (LON:ITM) Trading Up 18.4% – Time to Buy?

ITM Power Plc (LON:ITM) was up 18.4% on Saturday . The stock 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 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).

Wall Street Analysts Forecast Growth

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

ITM Power Trading Up 18.4%

The company has a fifty day moving average of GBX 39.05 and a two-hundred day moving average of GBX 35.29. The company has a current ratio of 4.17, a quick ratio of 7.56 and a debt-to-equity ratio of 4.73. The stock has a market capitalization of £453.04 million, a price-to-earnings ratio of -16.63 and a beta of 2.03.

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.