ITM Power (LON:ITM) Shares Down 7.3% - Here's What Happened

Key Points

• ITM Power Plc shares dropped 7.3% during trading, reaching a low of GBX 65.70 ($0.89) before closing at GBX 68.40 ($0.93).
• Analysts have mixed ratings, with JPMorgan Chase maintaining a "neutral" rating, while Berenberg Bank set a target price of GBX 100 ($1.35) with a "buy" rating.
• For the latest quarter, ITM Power reported a negative earnings per share of GBX (7.40) (($0.10)) and anticipates an EPS of -8.92 for the current fiscal year.

Shares of ITM Power Plc (LON:ITM - Get Free Report) were down 7.3% during trading on Friday . The stock traded as low as GBX 65.70 ($0.89) and last traded at GBX 68.40 ($0.93). Approximately 10,025,302 shares changed hands during mid-day trading, an increase of 116% from the average daily volume of 4,646,091 shares. The stock had previously closed at GBX 73.80 ($1.00).

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ITM. JPMorgan Chase & Co. reaffirmed a "neutral" rating on shares of ITM Power in a research report on Monday, July 28th. Berenberg Bank reissued a "buy" rating and set a GBX 100 ($1.35) target price on shares of ITM Power in a research note on Thursday.

ITM Power Trading Down 7.8%

The firm has a market capitalization of £424.21 million, a price-to-earnings ratio of -15.57 and a beta of 2.03. The business's 50 day moving average price is GBX 74.14 and its 200-day moving average price is GBX 48.31. The company has a debt-to-equity ratio of 4.73, a current ratio of 4.17 and a quick ratio of 7.56.

ITM Power (LON:ITM - Get Free Report) last posted its quarterly earnings results on Thursday, August 14th. The company reported GBX (7.40) (($0.10)) earnings per share for the quarter. ITM Power had a negative net margin of 164.90% and a negative return on equity of 9.97%. Equities analysts forecast that ITM Power Plc will post -8.9214682 EPS for the current fiscal year.

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.

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