ITM Power (LON:ITM) Stock Price Up 15% – Still a Buy?

ITM Power Plc (LON:ITM)’s stock price shot up 15% during trading on Monday . The company traded as high as GBX 83.60 ($1.13) and last traded at GBX 83.60 ($1.13). Approximately 9,977,290 shares traded hands during mid-day trading, an increase of 114% from the average session volume of 4,667,740 shares. The stock had previously closed at GBX 72.70 ($0.99).

Analysts Set New Price Targets

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

ITM Power Price Performance

The firm has a market capitalization of £520.97 million, a P/E ratio of -19.12 and a beta of 2.03. The stock’s fifty day simple moving average is GBX 39.05 and its 200 day simple moving average is GBX 35.29. The company has a debt-to-equity ratio of 4.73, a current ratio of 4.17 and a quick ratio of 7.56.

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.