ITM Power (LON:ITM) Trading Down 7.3% – Here’s What Happened

ITM Power Plc (LON:ITM) dropped 7.3% on Friday . The stock traded as low as GBX 65.70 ($0.89) and last traded at GBX 68.40 ($0.93). Approximately 10,025,302 shares changed hands during mid-day trading, an increase of 116% from the average daily volume of 4,646,091 shares. The stock had previously closed at GBX 73.80 ($1.00).

Wall Street Analyst Weigh In

A number of analysts have issued reports on ITM shares. Berenberg Bank reiterated a “buy” rating and set a GBX 100 ($1.36) price target on shares of ITM Power in a research note on Thursday. JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of ITM Power in a research note on Monday, July 28th.

ITM Power Stock Performance

The stock has a fifty day moving average of GBX 74.05 and a 200-day moving average of GBX 48.63. 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 stock has a market capitalization of £425.00 million, a PE ratio of -15.60 and a beta of 2.03.

ITM Power (LON:ITM) last announced its quarterly earnings data on Thursday, August 14th. The company reported GBX (7.40) (($0.10)) earnings per share (EPS) for the quarter. ITM Power had a negative net margin of 164.90% and a negative return on equity of 9.97%. Equities analysts anticipate 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.