ITM Power (LON:ITM) Shares Down 6.2% - What's Next?

Key Points

• ITM Power shares fell by 6.2% during trading, reaching a low of GBX 65.70 ($0.89) before closing at GBX 69.25 ($0.94).
• Analysts from Berenberg Bank have set a target price of GBX 100 ($1.35) and reissued a "buy" rating, while JPMorgan Chase has maintained a "neutral" rating.
• The company reported an earnings loss of GBX (7.40) (($0.10)) for the quarter, with expectations to post further negative earnings per share for the current fiscal year.

ITM Power Plc (LON:ITM - Get Free Report) shares dropped 6.2% during mid-day trading on Friday . The stock traded as low as GBX 65.70 ($0.89) and last traded at GBX 69.25 ($0.94). Approximately 9,166,828 shares changed hands during trading, an increase of 98% from the average daily volume of 4,640,657 shares. The stock had previously closed at GBX 73.80 ($1.00).

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ITM shares. JPMorgan Chase & Co. reissued a "neutral" rating on shares of ITM Power in a research report on Monday, July 28th. Berenberg Bank reaffirmed a "buy" rating and set a GBX 100 price objective on shares of ITM Power in a research report on Thursday, August 14th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of GBX 76.67.

ITM Power Trading Down 2.9%

The company has a market cap of £433.10 million, a PE ratio of -15.90 and a beta of 2.03. The company has a current ratio of 4.17, a quick ratio of 7.56 and a debt-to-equity ratio of 4.73. The company has a fifty day simple moving average of GBX 73.81 and a two-hundred day simple moving average of GBX 48.95.

ITM Power (LON:ITM - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported GBX (7.40) earnings per share (EPS) for the quarter. ITM Power had a negative return on equity of 9.97% and a negative net margin of 164.90%. Analysts anticipate that ITM Power Plc will post -8.9214682 EPS for the current 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.