ITM Power (LON:ITM) Trading 9.8% Higher – Here’s What Happened

ITM Power Plc (LON:ITM)’s stock price traded up 9.8% during mid-day trading on Friday . The company traded as high as GBX 157.80 and last traded at GBX 156.59. 6,838,101 shares changed hands during mid-day trading, an increase of 46% from the average session volume of 4,696,402 shares. The stock had previously closed at GBX 142.60.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Berenberg Bank lifted their price target on ITM Power from GBX 100 to GBX 110 and gave the company a “buy” rating in a report on Tuesday, April 14th. UBS Group reiterated a “neutral” rating and issued a GBX 60 price target on shares of ITM Power in a report on Friday, January 16th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, ITM Power currently has a consensus rating of “Moderate Buy” and a consensus target price of GBX 95.

ITM Power Trading Up 9.7%

The company has a 50 day moving average of GBX 75.09 and a two-hundred day moving average of GBX 72.01. The company has a debt-to-equity ratio of 6.99, a quick ratio of 7.56 and a current ratio of 2.62. The stock has a market capitalization of £963.78 million, a PE ratio of -31.28 and a beta of 2.03.

ITM Power (LON:ITM) last announced its earnings results on Thursday, January 29th. The company reported GBX (2.30) earnings per share for the quarter. ITM Power had a negative return on equity of 14.17% and a negative net margin of 108.00%. Sell-side analysts predict that ITM Power Plc will post -8.9214682 EPS for the current year.

About ITM Power

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.