ITM Power (LON:ITM) Trading 22.7% Higher – Still a Buy?

ITM Power Plc (LON:ITM) traded up 22.7% during trading on Wednesday . The company traded as high as GBX 79.70 ($1.08) and last traded at GBX 78.30 ($1.06). 15,714,211 shares changed hands during mid-day trading, an increase of 283% from the average session volume of 4,104,912 shares. The stock had previously closed at GBX 63.80 ($0.86).

Analyst Ratings Changes

Separately, Berenberg Bank reiterated 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 Up 12.5%

The firm has a fifty day simple moving average of GBX 36.48 and a 200-day simple moving average of GBX 34.57. The company has a market capitalization of £549.16 million, a P/E ratio of -20.16 and a beta of 2.03. The company has a quick ratio of 7.56, a current ratio of 4.17 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.