ITM Power (LON:ITM) Stock Price Down 6.3% - Here's What Happened

ITM Power Plc (LON:ITM - Get Free Report) shares fell 6.3% during mid-day trading on Friday . The company traded as low as GBX 73 ($0.99) and last traded at GBX 73.20 ($0.99). 4,206,881 shares changed hands during trading, a decline of 10% from the average session volume of 4,699,091 shares. The stock had previously closed at GBX 78.10 ($1.06).

Analysts Set New Price Targets

Separately, Berenberg Bank reaffirmed a "hold" rating and issued a GBX 59 ($0.80) target price on shares of ITM Power in a report on Thursday, May 8th.

ITM Power Stock Performance

The stock has a fifty day moving average of GBX 44.83 and a 200-day moving average of GBX 37.02. The company has a quick ratio of 7.56, a current ratio of 4.17 and a debt-to-equity ratio of 4.73. The stock has a market cap of £457.40 million, a PE ratio of -16.79 and a beta of 2.03.

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.