ITM Power (LON:ITM) Hits New 1-Year High – Here’s Why

ITM Power Plc (LON:ITM) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as GBX 185.50 and last traded at GBX 185.03, with a volume of 3243004 shares changing hands. The stock had previously closed at GBX 170.20.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Berenberg Bank upped their target price on ITM Power from GBX 100 to GBX 110 and gave the company a “buy” rating in a research report on Tuesday, April 14th. Jefferies Financial Group upgraded ITM Power to a “buy” rating and upped their target price for the company from £115 to £200 in a research report on Thursday, May 7th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, ITM Power presently has an average rating of “Moderate Buy” and an average target price of GBX 6,723.33.

ITM Power Trading Up 8.5%

The business has a 50-day moving average price of GBX 111.57 and a two-hundred day moving average price of GBX 82.43. The stock has a market capitalization of £1.27 billion, a P/E ratio of -36.94 and a beta of 2.76. The company has a current ratio of 2.62, a quick ratio of 7.56 and a debt-to-equity ratio of 6.99.

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.