ITM Power (LON:ITM) Trading Down 9.8% – Should You Sell?

ITM Power Plc (LON:ITM)’s stock price dropped 9.8% during trading on Thursday . The stock traded as low as GBX 59.15 ($0.80) and last traded at GBX 61.40 ($0.83). Approximately 15,749,949 shares traded hands during mid-day trading, an increase of 247% from the average daily volume of 4,532,740 shares. The stock had previously closed at GBX 68.10 ($0.92).

Analysts Set New Price Targets

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

ITM Power Stock Performance

The company has a quick ratio of 7.56, a current ratio of 4.17 and a debt-to-equity ratio of 4.73. The company has a market capitalization of £453.04 million, a PE ratio of -16.63 and a beta of 2.03. The stock’s fifty day simple moving average is GBX 39.05 and its 200-day simple moving average is GBX 35.27.

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.