ITM Power (LON:ITM) Trading 15.3% Higher – Still a Buy?

ITM Power Plc (LON:ITM)’s stock price traded up 15.3% on Tuesday . The company traded as high as GBX 136.30 and last traded at GBX 131.90. Approximately 6,707,959 shares traded hands during trading, a decline of 13% from the average daily volume of 7,674,653 shares. The stock had previously closed at GBX 114.40.

Wall Street Analysts Forecast Growth

ITM has been the topic of a number of recent analyst reports. Jefferies Financial Group upgraded shares of ITM Power to a “buy” rating and increased their price target for the company from £115 to £200 in a report on Thursday, May 7th. Berenberg Bank lifted their target price on ITM Power from GBX 100 to GBX 110 and gave the stock a “buy” rating in a report on Tuesday, April 14th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of GBX 6,723.33.

ITM Power Price Performance

The business’s 50 day moving average price is GBX 150.25 and its 200 day moving average price is GBX 95.09. The stock has a market capitalization of £910.38 million, a P/E ratio of -26.38 and a beta of 2.84. 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 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.