ITM Power (LON:ITM) Trading Up 12.2% – Still a Buy?

Shares of ITM Power Plc (LON:ITM) shot up 12.2% on Wednesday . The stock traded as high as GBX 67.20 and last traded at GBX 67.20. 3,327,986 shares changed hands during mid-day trading, an increase of 18% from the average session volume of 2,819,473 shares. The stock had previously closed at GBX 59.90.

Analysts Set New Price Targets

ITM has been the subject of several research analyst reports. UBS Group reaffirmed a “neutral” rating and set a GBX 60 target price on shares of ITM Power in a research report on Friday, January 16th. Berenberg Bank restated a “buy” rating and set a GBX 100 price objective on shares of ITM Power in a report on Thursday, January 29th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of GBX 91.67.

ITM Power Stock Up 7.8%

The stock has a fifty day moving average price of GBX 64.01 and a 200 day moving average price of GBX 69.71. The stock has a market capitalization of £398.04 million, a P/E ratio of -12.92 and a beta of 2.28. The company has a debt-to-equity ratio of 6.99, a current ratio of 2.62 and a quick ratio of 7.56.

ITM Power (LON:ITM) last issued its quarterly earnings data on Thursday, January 29th. The company reported GBX (2.30) EPS for the quarter. ITM Power had a negative net margin of 108.00% and a negative return on equity of 14.17%. On average, research analysts forecast that ITM Power Plc will post -8.9214682 earnings per share for the current year.

Insider Activity

In other ITM Power news, insider Simon Bourne bought 466 shares of ITM Power stock in a transaction dated Tuesday, December 16th. The shares were purchased at an average cost of GBX 64 per share, with a total value of £298.24. Also, insider Dennis Schulz purchased 466 shares of the stock in a transaction dated Tuesday, December 16th. The stock was bought at an average cost of GBX 64 per share, with a total value of £298.24. Over the last ninety days, insiders have bought 1,868 shares of company stock valued at $119,496. Insiders own 8.73% of the company’s stock.

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.