ITM Power (LON:ITM) Shares Down 9.2% – Here’s Why

Shares of ITM Power Plc (LON:ITM) fell 9.2% on Friday . The company traded as low as GBX 66.30 ($0.90) and last traded at GBX 66.99 ($0.91). 6,830,110 shares traded hands during mid-day trading, an increase of 48% from the average session volume of 4,625,868 shares. The stock had previously closed at GBX 73.80 ($1.00).

Analysts Set New Price Targets

A number of brokerages recently weighed in on ITM. Berenberg Bank reissued a “buy” rating and issued a GBX 100 ($1.36) price objective on shares of ITM Power in a research note on Thursday. JPMorgan Chase & Co. reissued a “neutral” rating on shares of ITM Power in a research note on Monday, July 28th.

ITM Power Price Performance

The stock has a 50 day moving average of GBX 74.05 and a two-hundred day moving average of GBX 48.63. 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 firm has a market capitalization of £425.00 million, a P/E ratio of -15.60 and a beta of 2.03.

ITM Power (LON:ITM) last issued its quarterly earnings results on Thursday, August 14th. The company reported GBX (7.40) (($0.10)) EPS for the quarter. ITM Power had a negative return on equity of 9.97% and a negative net margin of 164.90%. Sell-side analysts predict that ITM Power Plc will post -8.9214682 earnings per share for the current fiscal year.

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.