ITM Power (LON:ITM) Trading 4.2% Higher – What’s Next?

ITM Power Plc (LON:ITM) traded up 4.2% during mid-day trading on Friday . The company traded as high as GBX 77 and last traded at GBX 74.60. 3,444,249 shares were traded during mid-day trading, a decline of 17% from the average session volume of 4,152,513 shares. The stock had previously closed at GBX 71.60.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Berenberg Bank restated a “buy” rating and set a GBX 100 target price on shares of ITM Power in a research note on Thursday, August 14th. JPMorgan Chase & Co. reissued a “neutral” rating on shares of ITM Power in a report on Monday, July 28th. Finally, Jefferies Financial Group boosted their price objective on ITM Power from GBX 60 to GBX 115 and gave the company a “buy” rating in a research report on Wednesday, October 1st. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of GBX 95.

ITM Power Stock Performance

The firm has a 50-day moving average price of GBX 77.67 and a two-hundred day moving average price of GBX 70.37. The company has a debt-to-equity ratio of 4.73, a current ratio of 4.17 and a quick ratio of 7.56. The firm has a market capitalization of £446.72 million, a P/E ratio of -9.80 and a beta of 2.03.

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.