ITM Power (LON:ITM) Trading Down 6.3% – Time to Sell?

Shares of ITM Power Plc (LON:ITM) dropped 6.3% during mid-day trading on Thursday . The company traded as low as GBX 73 ($0.99) and last traded at GBX 73.20 ($1.00). Approximately 4,206,881 shares were traded during trading, a decline of 10% from the average daily volume of 4,699,091 shares. The stock had previously closed at GBX 78.10 ($1.06).

Analyst Upgrades and Downgrades

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

ITM Power Stock Performance

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 company has a market capitalization of £432.70 million, a PE ratio of -15.88 and a beta of 2.03. The firm’s 50-day simple moving average is GBX 43.01 and its 200-day simple moving average is GBX 36.45.

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.