ITM Power (LON:ITM) Trading 19.7% Higher – Here’s Why

ITM Power Plc (LON:ITM)’s stock price traded up 19.7% during mid-day trading on Tuesday . The company traded as high as GBX 42.85 ($0.57) and last traded at GBX 42.85 ($0.57). 10,742,647 shares traded hands during trading, an increase of 175% from the average session volume of 3,907,366 shares. The stock had previously closed at GBX 35.80 ($0.47).

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank reaffirmed a “hold” rating and issued a GBX 59 ($0.78) price target on shares of ITM Power in a research report on Thursday, May 8th.

ITM Power Trading Up 1.8%

The firm has a market capitalization of £278.84 million, a price-to-earnings ratio of -10.24 and a beta of 2.03. The company has a debt-to-equity ratio of 4.73, a quick ratio of 7.56 and a current ratio of 4.17. The company has a 50-day moving average price of GBX 29.98 and a 200-day moving average price of GBX 33.57.

Insider Buying and Selling

In other news, insider Amy Grey bought 102,455 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average cost of GBX 29 ($0.38) per share, with a total value of £29,711.95 ($39,416.22). Insiders acquired a total of 103,937 shares of company stock worth $3,016,249 over the last 90 days. 48.26% of the stock is owned by insiders.

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.