ITM Power (LON:ITM) Shares Down 6% - Here's Why

ITM Power Plc (LON:ITM - Get Free Report) shares were down 6% on Tuesday . The company traded as low as GBX 75.30 ($1.01) and last traded at GBX 79.43 ($1.07). Approximately 5,291,000 shares changed hands during mid-day trading, an increase of 15% from the average daily volume of 4,592,252 shares. The stock had previously closed at GBX 84.53 ($1.14).

Analyst Upgrades and Downgrades

Separately, Berenberg Bank restated a "hold" rating and issued a GBX 59 ($0.79) price target on shares of ITM Power in a report on Thursday, May 8th.

ITM Power Trading Down 2.0%

The business has a fifty day simple moving average of GBX 67.47 and a 200 day simple moving average of GBX 44.02. The stock has a market cap of £465.50 million, a price-to-earnings ratio of -17.09 and a beta of 2.03. 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.