ITM Power (LON:ITM) Stock Price Up 18.4% – Should You Buy?

ITM Power Plc (LON:ITM) shares rose 18.4% during trading on Friday . The stock traded as high as GBX 75.20 ($1.02) and last traded at GBX 72.70 ($0.98). Approximately 13,991,459 shares traded hands during mid-day trading, an increase of 203% from the average daily volume of 4,618,578 shares. The stock had previously closed at GBX 61.40 ($0.83).

Analysts Set New Price Targets

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

ITM Power Stock Performance

The company has a market cap of £453.04 million, a PE ratio of -16.63 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. The business has a fifty day moving average of GBX 39.05 and a 200-day moving average of GBX 35.27.

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.