ITM Power (LON:ITM) Shares Up 8.7% – Here’s Why

ITM Power Plc (LON:ITM) shot up 8.7% during trading on Tuesday . The stock traded as high as GBX 68.20 ($0.91) and last traded at GBX 65.04 ($0.86). 6,723,836 shares changed hands during trading, an increase of 46% from the average session volume of 4,617,773 shares. The stock had previously closed at GBX 59.82 ($0.80).

Wall Street Analyst Weigh In

Several brokerages have commented on ITM. Berenberg Bank upgraded shares of ITM Power to a “buy” rating and lifted their price objective for the company from GBX 59 ($0.78) to GBX 100 ($1.33) in a research note on Friday. JPMorgan Chase & Co. restated a “neutral” rating on shares of ITM Power in a research note on Monday, July 28th.

ITM Power Stock Performance

The company has a market cap of £412.82 million, a PE ratio of -15.15 and a beta of 2.03. The firm’s fifty day moving average is GBX 73.16 and its 200 day moving average is GBX 46.74. The company has a current ratio of 4.17, a quick ratio of 7.56 and a debt-to-equity ratio of 4.73.

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.