ITM Power (LON:ITM) Stock Price Down 11% - Here's What Happened

Key Points

• ITM Power's shares fell by 11%, closing at GBX 58.20 ($0.78) after trading as low as GBX 57.10 ($0.76), with a significant increase in volume to over 13 million shares.
• Analysts from Berenberg Bank and JPMorgan Chase & Co. maintained a "hold" and "neutral" rating respectively, with a price objective set at GBX 59 ($0.79).
• The company has a substantial debt-to-equity ratio of 4.73 and a market cap of £361.26 million, indicating potential financial pressure amid its challenging stock performance.

ITM Power Plc (LON:ITM - Get Free Report) fell 11% during trading on Wednesday . The stock traded as low as GBX 57.10 ($0.76) and last traded at GBX 58.20 ($0.77). 13,131,366 shares traded hands during trading, an increase of 184% from the average session volume of 4,624,681 shares. The stock had previously closed at GBX 65.40 ($0.87).

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. JPMorgan Chase & Co. reissued a "neutral" rating on shares of ITM Power in a research note on Monday, July 28th. Berenberg Bank reaffirmed a "hold" rating and set a GBX 59 ($0.78) target price on shares of ITM Power in a research report on Thursday, May 8th.

ITM Power Stock Down 1.6%

The company has a debt-to-equity ratio of 4.73, a current ratio of 4.17 and a quick ratio of 7.56. The stock has a market cap of £372.80 million, a PE ratio of -13.69 and a beta of 2.03. The business has a fifty day moving average of GBX 72.78 and a 200-day moving average of GBX 46.40.

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.