ITM Power (LON:ITM) Stock Price Down 8.2% – Should You Sell?

ITM Power Plc (LON:ITM) shares fell 8.2% during trading on Tuesday . The stock traded as low as GBX 57.80 ($0.77) and last traded at GBX 60.05 ($0.80). 9,210,151 shares were traded during mid-day trading, an increase of 100% from the average session volume of 4,597,638 shares. The stock had previously closed at GBX 65.40 ($0.87).

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on ITM shares. Berenberg Bank reaffirmed a “hold” rating and set a GBX 59 ($0.79) target price on shares of ITM Power in a research note on Thursday, May 8th. JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of ITM Power in a research note on Monday.

ITM Power Trading Down 10.7%

The company has a debt-to-equity ratio of 4.73, a current ratio of 4.17 and a quick ratio of 7.56. The business’s 50 day simple moving average is GBX 71.76 and its 200 day simple moving average is GBX 45.89. The stock has a market cap of £363.93 million, a P/E ratio of -13.36 and a beta of 2.03.

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.