ITM Power (LON:ITM) Shares Down 9.6% – Here’s Why

ITM Power Plc (LON:ITM) traded down 9.6% on Friday . The stock traded as low as GBX 65.70 ($0.89) and last traded at GBX 66.70 ($0.90). 8,040,718 shares traded hands during mid-day trading, an increase of 74% from the average session volume of 4,633,530 shares. The stock had previously closed at GBX 73.80 ($1.00).

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. reiterated a “neutral” rating on shares of ITM Power in a report on Monday, July 28th. Berenberg Bank reiterated a “buy” rating and issued a GBX 100 ($1.36) price objective on shares of ITM Power in a report on Thursday.

ITM Power Trading Down 7.6%

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 firm has a fifty day simple moving average of GBX 74.05 and a two-hundred day simple moving average of GBX 48.63. The firm has a market cap of £425.00 million, a PE ratio of -15.60 and a beta of 2.03.

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