ITM Power (LON:ITM) Shares Up 12.3% – Still a Buy?

ITM Power Plc (LON:ITM) shares were up 12.3% during trading on Tuesday . The company traded as high as GBX 67.90 ($0.92) and last traded at GBX 63.80 ($0.86). Approximately 13,053,060 shares were traded during trading, an increase of 227% from the average daily volume of 3,993,284 shares. The stock had previously closed at GBX 56.80 ($0.77).

Wall Street Analyst Weigh In

Separately, Berenberg Bank reissued a “hold” rating and issued a GBX 59 ($0.80) target price on shares of ITM Power in a report on Thursday, May 8th.

ITM Power Stock Up 14.3%

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’s 50-day moving average price is GBX 35.46 and its 200 day moving average price is GBX 34.27. The firm has a market capitalization of £454.60 million, a price-to-earnings ratio of -16.69 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.