ITM Power (LON:ITM) Shares Down 7.7% – Here’s What Happened

ITM Power Plc (LON:ITM)’s share price dropped 7.7% during trading on Thursday . The company traded as low as GBX 159.80 and last traded at GBX 161.84. Approximately 6,527,476 shares were traded during mid-day trading, an increase of 5% from the average daily volume of 6,208,333 shares. The stock had previously closed at GBX 175.30.

Analyst Ratings Changes

ITM has been the subject of a number of recent analyst reports. Berenberg Bank raised their target price on ITM Power from GBX 100 to GBX 110 and gave the company a “buy” rating in a report on Tuesday, April 14th. Jefferies Financial Group raised ITM Power to a “buy” rating and lifted their price target for the stock from £115 to £200 in a research note on Thursday, May 7th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of GBX 6,723.33.

ITM Power Trading Down 9.0%

The stock has a market cap of £1.10 billion, a PE ratio of -31.89 and a beta of 2.76. The business has a 50-day moving average of GBX 129.17 and a 200 day moving average of GBX 87.90. The company has a debt-to-equity ratio of 6.99, a quick ratio of 7.56 and a current ratio of 2.62.

ITM Power Company Profile

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.