ITM Power (LON:ITM) Sets New 1-Year High - Here's What Happened

Key Points

• ITM Power hit a new 52-week high — the stock traded as high as GBX 98.63 and last at GBX 97.15 on Thursday, rising about 2.3% with roughly 1.745 million shares changing hands.
• Analyst views are mixed but the consensus is a "Moderate Buy" — Berenberg raised its target to GBX 110 and rated "buy" while UBS stayed "neutral" at GBX 60; two analysts rate Buy and two rate Hold, with a consensus price target of GBX 95.
• Financials remain weak despite the rally — ITM reported quarterly EPS of GBX -2.30 with a negative net margin and a projected FY EPS of about -8.92, and it carries a negative P/E and a market cap of ~£602 million.

ITM Power Plc (LON:ITM - Get Free Report) hit a new 52-week high on Thursday . The stock traded as high as GBX 98.63 and last traded at GBX 97.15, with a volume of 1745859 shares changing hands. The stock had previously closed at GBX 95.55.

Analyst Upgrades and Downgrades

ITM has been the topic of several research reports. Berenberg Bank upped their price objective on shares of ITM Power from GBX 100 to GBX 110 and gave the company a "buy" rating in a report on Tuesday. UBS Group reiterated a "neutral" rating and set a GBX 60 price objective on shares of ITM Power in a report on Friday, January 16th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of GBX 95.

ITM Power Stock Up 2.3%

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 £602.04 million, a price-to-earnings ratio of -19.54 and a beta of 2.03. The stock's fifty day moving average is GBX 65.02 and its two-hundred day moving average is GBX 69.42.

ITM Power (LON:ITM - Get Free Report) last announced its quarterly earnings results on Thursday, January 29th. The company reported GBX (2.30) earnings per share (EPS) for the quarter. ITM Power had a negative return on equity of 14.17% and a negative net margin of 108.00%. 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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