ITM Power (LON:ITM) Trading 18.4% Higher – Should You Buy?

Shares of ITM Power Plc (LON:ITM) rose 18.4% on Friday . The stock traded as high as GBX 75.20 ($1.02) and last traded at GBX 72.70 ($0.98). Approximately 13,991,459 shares changed hands during mid-day trading, an increase of 203% from the average daily volume of 4,618,578 shares. The stock had previously closed at GBX 61.40 ($0.83).

Analyst Upgrades and Downgrades

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

ITM Power Stock Performance

The company has a market capitalization of £453.04 million, a P/E ratio of -16.63 and a beta of 2.03. The firm has a 50 day moving average price of GBX 39.05 and a two-hundred day moving average price of GBX 35.28. The company has a debt-to-equity ratio of 4.73, a quick ratio of 7.56 and a current ratio of 4.17.

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.