ITM Power (LON:ITM) Hits New 52-Week High – Here’s Why

ITM Power Plc (LON:ITM) hit a new 52-week high on Tuesday . The company traded as high as GBX 185.50 and last traded at GBX 185.03, with a volume of 3243004 shares. The stock had previously closed at GBX 170.20.

Analysts Set New Price Targets

ITM has been the subject of a number of research analyst reports. Berenberg Bank upped their target price on shares of ITM Power from GBX 100 to GBX 110 and gave the stock a “buy” rating in a research note on Tuesday, April 14th. Jefferies Financial Group raised shares of ITM Power to a “buy” rating and boosted their price target for the stock from £115 to £200 in a research report on Thursday, May 7th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of GBX 6,723.33.

ITM Power Stock Up 7.3%

The firm’s 50-day simple moving average is GBX 116.49 and its 200 day simple moving average is GBX 83.92. The company has a debt-to-equity ratio of 6.99, a quick ratio of 7.56 and a current ratio of 2.62. The stock has a market capitalization of £1.44 billion, a P/E ratio of -41.80 and a beta of 2.76.

ITM Power Company Profile

ITM Power designs and manufactures industrial-scale electrolysers for green hydrogen production. Its proprietary PEM technology, vertically integrated manufacturing, and in-house engineering capabilities enable it to supply standardised, high-performance hydrogen plants.

With a proven track record in large-scale projects, ITM Power helps leading industrial and energy companies achieve their decarbonisation goals. In addition to its equipment offering, the company provides reliable and cost-competitive hydrogen supply through its build, own and operate (BOO) model, Hydropulse.

Headquartered in the UK, ITM Power is listed on the London Stock Exchange AIM (LSE: ITM) and holds the Green Economy Mark, which recognises companies that generate over 50% of their revenues from green products and services.