ITM Power (LON:ITM) Shares Down 11% - What's Next?

Key Points

• ITM Power's shares fell 11% on Tuesday, dropping from a previous close of GBX 65.40 ($0.87) to GBX 58.20 ($0.78), with trading volume significantly up by 184% over the average.
• Analysts have issued ratings on ITM Power, with JPMorgan Chase & Co. maintaining a "neutral" rating and Berenberg Bank setting a target price of GBX 59 ($0.79).
• The company has a market capitalization of £361.26 million, a P/E ratio of -13.26, and a debt-to-equity ratio of 4.73, indicating a potentially high risk in its financial structure.

ITM Power Plc (LON:ITM - Get Free Report)'s stock price dropped 11% on Tuesday . The company traded as low as GBX 57.10 ($0.75) and last traded at GBX 58.20 ($0.77). Approximately 13,131,366 shares traded hands during trading, an increase of 184% from the average daily volume of 4,624,681 shares. The stock had previously closed at GBX 65.40 ($0.86).

Wall Street Analysts Forecast Growth

ITM has been the subject of a number of research analyst reports. Berenberg Bank reaffirmed a "hold" rating and set a GBX 59 ($0.78) price objective on shares of ITM Power in a research report on Thursday, May 8th. JPMorgan Chase & Co. reissued a "neutral" rating on shares of ITM Power in a research report on Monday.

ITM Power Trading Down 1.6%

The firm has a market capitalization of £372.80 million, a PE ratio of -13.69 and a beta of 2.03. The company's 50-day moving average price is GBX 72.51 and its 200-day moving average price is GBX 46.23. The company has a debt-to-equity ratio of 4.73, a quick ratio of 7.56 and a current ratio of 4.17.

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.