ITM Power (LON:ITM) Trading Up 8.2% – Here’s What Happened

ITM Power Plc (LON:ITM) shares shot up 8.2% during trading on Thursday . The stock traded as high as GBX 196.60 and last traded at GBX 194.70. 9,655,847 shares were traded during mid-day trading, an increase of 64% from the average session volume of 5,892,536 shares. The stock had previously closed at GBX 180.

Analysts Set New Price Targets

Several brokerages have commented on ITM. Jefferies Financial Group upgraded shares of ITM Power to a “buy” rating and raised their target price for the stock from £115 to £200 in a report on Thursday, May 7th. Berenberg Bank raised their target price on ITM Power from GBX 100 to GBX 110 and gave the stock a “buy” rating in a research report on Tuesday, April 14th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, ITM Power presently has a consensus rating of “Moderate Buy” and an average target price of GBX 6,723.33.

ITM Power Stock Performance

The company has a debt-to-equity ratio of 6.99, a current ratio of 2.62 and a quick ratio of 7.56. The firm has a market capitalization of £1.34 billion, a price-to-earnings ratio of -38.88 and a beta of 2.76. The firm’s fifty day moving average is GBX 122 and its 200 day moving average is GBX 85.63.

About ITM Power

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.