ITM Power (LON:ITM) Shares Down 9.9% – Here’s What Happened

Shares of ITM Power Plc (LON:ITM) fell 9.9% during mid-day trading on Tuesday . The company traded as low as GBX 57.80 ($0.77) and last traded at GBX 58.90 ($0.79). 10,119,735 shares were traded during trading, an increase of 120% from the average session volume of 4,603,911 shares. The stock had previously closed at GBX 65.40 ($0.87).

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Berenberg Bank reissued a “hold” rating and set a GBX 59 ($0.79) target price on shares of ITM Power in a research report on Thursday, May 8th. JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of ITM Power in a research report on Monday.

ITM Power Stock Performance

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 71.76 and a 200 day moving average price of GBX 45.89. The company has a market capitalization of £363.93 million, a PE 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.