ITM Power (LON:ITM) Shares Up 9% – Here’s What Happened

ITM Power Plc (LON:ITM)’s share price rose 9% on Friday . The company traded as high as GBX 77 ($1.04) and last traded at GBX 73.80 ($1.00). Approximately 11,383,650 shares were traded during trading, an increase of 147% from the average daily volume of 4,611,828 shares. The stock had previously closed at GBX 67.70 ($0.92).

Wall Street Analysts Forecast Growth

ITM has been the subject of a number of recent research reports. JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of ITM Power in a research report on Monday, July 28th. Berenberg Bank reaffirmed a “buy” rating and set a GBX 100 ($1.36) price objective on shares of ITM Power in a research report on Thursday.

ITM Power Trading Down 7.6%

The firm has a market capitalization of £425.00 million, a PE ratio of -15.60 and a beta of 2.03. The business has a 50 day moving average price of GBX 74.05 and a 200-day moving average price of GBX 48.63. The company has a current ratio of 4.17, a quick ratio of 7.56 and a debt-to-equity ratio of 4.73.

ITM Power (LON:ITM) last issued 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%. Analysts expect that ITM Power Plc will post -8.9214682 earnings per share 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.