ITM Power (LON:ITM) Trading 19.7% Higher – Should You Buy?

ITM Power Plc (LON:ITM)’s share price rose 19.7% on Monday . The company traded as high as GBX 42.85 ($0.57) and last traded at GBX 42.85 ($0.57). Approximately 10,742,647 shares were traded during trading, an increase of 175% from the average daily volume of 3,907,366 shares. The stock had previously closed at GBX 35.80 ($0.48).

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank restated a “hold” rating and set a GBX 59 ($0.78) price target on shares of ITM Power in a research note on Thursday.

ITM Power Trading Up 19.7%

The stock has a market cap of £267.03 million, a P/E ratio of -9.80 and a beta of 2.03. The company has a 50-day moving average price of GBX 29 and a two-hundred day moving average price of GBX 33.41. The company has a current ratio of 4.17, a quick ratio of 7.56 and a debt-to-equity ratio of 4.73.

Insider Activity

In related news, insider Amy Grey bought 102,455 shares of the stock in a transaction dated Friday, February 28th. The stock was purchased at an average cost of GBX 29 ($0.39) per share, with a total value of £29,711.95 ($39,479.07). Over the last quarter, insiders have bought 103,937 shares of company stock valued at $3,016,249. 48.26% of the stock is currently owned by company insiders.

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.