ITM Power (LON:ITM) Reaches New 12-Month High - Time to Buy?

Key Points

• Shares of ITM Power hit a new 52-week high, trading as high as GBX 145 and last at GBX 141.50 on heavy volume (~8.76 million shares).
• Brokerage views are mixed — MarketBeat's consensus is a Moderate Buy with an average target of GBX 95, while Berenberg raised its target to GBX 110 (Buy) and UBS stays neutral at GBX 60.
• The company remains unprofitable (negative EPS, -108% net margin and negative ROE) and analysts forecast continued negative earnings for the current fiscal year despite the price rally.

Shares of ITM Power Plc (LON:ITM - Get Free Report) hit a new 52-week high during trading on Thursday . The stock traded as high as GBX 145 and last traded at GBX 141.50, with a volume of 8760563 shares changing hands. The stock had previously closed at GBX 139.80.

Analysts Set New Price Targets

Several brokerages have commented on ITM. Berenberg Bank raised their price target on shares of ITM Power from GBX 100 to GBX 110 and gave the company a "buy" rating in a research report on Tuesday, April 14th. UBS Group reissued a "neutral" rating and issued a GBX 60 price target on shares of ITM Power in a research report on Friday, January 16th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, ITM Power currently has a consensus rating of "Moderate Buy" and an average target price of GBX 95.

ITM Power Price Performance

The company has a debt-to-equity ratio of 6.99, a quick ratio of 7.56 and a current ratio of 2.62. The company has a market cap of £878.65 million, a PE ratio of -28.52 and a beta of 2.03. The company's 50-day simple moving average is GBX 71.50 and its 200 day simple moving average is GBX 71.16.

ITM Power (LON:ITM - Get Free Report) last issued its quarterly earnings results 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, sell-side analysts predict that ITM Power Plc will post -8.9214682 earnings per share for the current fiscal year.

About ITM Power

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.

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