ITM Power (LON:ITM) Stock Price Up 6.6% – What’s Next?

Shares of ITM Power Plc (LON:ITM) traded up 6.6% during trading on Friday . The stock traded as high as GBX 77.80 and last traded at GBX 76.31. 4,373,826 shares traded hands during trading, an increase of 5% from the average session volume of 4,156,479 shares. The stock had previously closed at GBX 71.60.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Berenberg Bank reaffirmed a “buy” rating and issued a GBX 100 price target on shares of ITM Power in a research note on Thursday, August 14th. Jefferies Financial Group raised their target price on ITM Power from GBX 60 to GBX 115 and gave the company a “buy” rating in a research note on Wednesday, October 1st. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of ITM Power in a research report on Monday, July 28th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of GBX 95.

ITM Power Price Performance

The stock has a market cap of £446.72 million, a PE ratio of -9.80 and a beta of 2.03. 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 business has a 50 day moving average price of GBX 77.67 and a two-hundred day moving average price of GBX 70.37.

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.