ITM Power (LON:ITM) Releases Quarterly Earnings Results

ITM Power (LON:ITM) announced its quarterly earnings data on Thursday. The company reported GBX (2.30) earnings per share (EPS) for the quarter, Digital Look Earnings reports. ITM Power had a negative net margin of 164.90% and a negative return on equity of 9.97%.

ITM Power Stock Down 1.6%

LON:ITM traded down GBX 1.09 during mid-day trading on Thursday, hitting GBX 65.91. The stock had a trading volume of 2,591,048 shares, compared to its average volume of 1,983,896. ITM Power has a twelve month low of GBX 25.08 and a twelve month high of GBX 98.45. The stock has a 50-day simple moving average of GBX 66.62 and a two-hundred day simple moving average of GBX 70.49. The company has a current ratio of 4.17, a quick ratio of 7.56 and a debt-to-equity ratio of 4.73. The company has a market capitalization of £406.10 million, a PE ratio of -8.91 and a beta of 2.03.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ITM. UBS Group restated a “neutral” rating and set a GBX 60 price target on shares of ITM Power in a report on Friday, January 16th. Jefferies Financial Group raised their price objective on ITM Power from GBX 60 to GBX 115 and gave the stock a “buy” rating in a research report on Wednesday, October 1st. Finally, Berenberg Bank reissued a “buy” rating and issued a GBX 100 price target on shares of ITM Power in a research note on Thursday, December 4th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, ITM Power presently has a consensus rating of “Moderate Buy” and an average target price of GBX 91.67.

Insiders Place Their Bets

In other ITM Power news, insider Simon Bourne acquired 466 shares of the stock in a transaction dated Tuesday, December 16th. The stock was acquired at an average cost of GBX 64 per share, with a total value of £298.24. Also, insider Dennis Schulz bought 466 shares of the business’s stock in a transaction dated Tuesday, December 16th. The shares were acquired at an average cost of GBX 64 per share, for a total transaction of £298.24. Over the last 90 days, insiders acquired 1,792 shares of company stock worth $119,656. 8.73% of the stock is owned by insiders.

ITM Power Company Profile

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.