ITM Power (LON:ITM) Trading 14.1% Higher – Should You Buy?

ITM Power Plc (LON:ITM)’s stock price shot up 14.1% during mid-day trading on Saturday . The stock traded as high as GBX 58.50 ($0.79) and last traded at GBX 56.80 ($0.76). 9,401,504 shares traded hands during mid-day trading, an increase of 141% from the average session volume of 3,905,325 shares. The stock had previously closed at GBX 49.80 ($0.67).

Analysts Set New Price Targets

Separately, Berenberg Bank reiterated a “hold” rating and issued a GBX 59 ($0.79) target price on shares of ITM Power in a report on Thursday, May 8th.

ITM Power Stock Up 14.1%

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’s fifty day moving average price is GBX 34.76 and its 200-day moving average price is GBX 34.11. The stock has a market cap of £353.96 million, a P/E ratio of -12.99 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.