ITM Power (LON:ITM) Trading Up 22.7% – Time to Buy?

ITM Power Plc (LON:ITM) shares rose 22.7% during mid-day trading on Tuesday . The stock traded as high as GBX 79.70 ($1.08) and last traded at GBX 78.30 ($1.06). Approximately 15,714,211 shares were traded during trading, an increase of 283% from the average daily volume of 4,104,912 shares. The stock had previously closed at GBX 63.80 ($0.86).

Analysts Set New Price Targets

Separately, Berenberg Bank reissued a “hold” rating and issued a GBX 59 ($0.80) target price on shares of ITM Power in a research note on Thursday, May 8th.

ITM Power Stock Up 22.7%

The stock’s fifty day simple moving average is GBX 35.46 and its 200-day simple moving average is GBX 34.27. 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 stock has a market cap of £487.94 million, a P/E ratio of -17.91 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.