ITM Power (LON:ITM) Shares Up 11.9% – Here’s Why

Shares of ITM Power Plc (LON:ITM) shot up 11.9% on Wednesday . The company traded as high as GBX 94.50 ($1.28) and last traded at GBX 87.62 ($1.18). 18,291,316 shares traded hands during mid-day trading, an increase of 332% from the average session volume of 4,238,746 shares. The stock had previously closed at GBX 78.30 ($1.06).

Wall Street Analyst Weigh In

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

ITM Power Stock Performance

The company’s 50-day moving average price is GBX 36.48 and its two-hundred day moving average price is GBX 34.57. The company has a market cap of £549.06 million, a P/E ratio of -20.16 and a beta of 2.03. The company has a current ratio of 4.17, a quick ratio of 7.56 and a debt-to-equity ratio of 4.73.

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.