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

Key Points

• ITM Power hit a new 52-week high, trading as high as GBX 168.90 and last at GBX 158.20 on a volume of 7,621,939 shares (previous close GBX 162.40).
• Analyst views are mixed: the consensus is a Moderate Buy with a consensus price target of GBX 95, while Berenberg raised its target to GBX 110 (buy) and UBS reiterated a neutral stance with a GBX 60 target; two analysts rate Buy and two rate Hold.
• ITM Power, which makes PEM electrolysers for green hydrogen and offers a BOO "Hydropulse" model, has a market cap of £998.19m, a negative P/E of -32.40, high liquidity (quick ratio 7.56) and elevated leverage (debt-to-equity 6.99).

ITM Power Plc (LON:ITM - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as GBX 168.90 and last traded at GBX 158.20, with a volume of 7621939 shares changing hands. The stock had previously closed at GBX 162.40.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. UBS Group reiterated a "neutral" rating and issued a GBX 60 price target on shares of ITM Power in a research report on Friday, January 16th. Berenberg Bank increased their price objective 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. Two 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, ITM Power presently has a consensus rating of "Moderate Buy" and a consensus price target of GBX 95.

ITM Power Stock Down 0.2%

The business's 50 day moving average is GBX 81.44 and its 200 day moving average is GBX 73.65. The company has a market capitalization of £998.19 million, a price-to-earnings ratio of -32.40 and a beta of 2.03. The company has a debt-to-equity ratio of 6.99, a quick ratio of 7.56 and a current ratio of 2.62.

About ITM Power

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.

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