ITM Power (LON:ITM) Trading Down 9.2% - Here's What Happened

Key Points

• ITM Power's stock price fell by 9.2% to GBX 66.99 ($0.91), trading volume increased by 48% compared to the average session.
• Analysts maintain a "neutral" rating from JPMorgan, while Berenberg Bank set a price target of GBX 100 ($1.35) with a "buy" rating.
• The company reported a negative earnings per share (EPS) of GBX (7.40) (($0.10)) and a projected EPS of -8.92 for the current fiscal year.

ITM Power Plc (LON:ITM - Get Free Report) dropped 9.2% on Friday . The stock traded as low as GBX 66.30 ($0.90) and last traded at GBX 66.99 ($0.90). Approximately 6,830,110 shares traded hands during trading, an increase of 48% from the average daily volume of 4,625,868 shares. The stock had previously closed at GBX 73.80 ($1.00).

Analysts Set New Price Targets

ITM has been the subject of several research reports. Berenberg Bank reissued a "buy" rating and set a GBX 100 price objective on shares of ITM Power in a report on Thursday, August 14th. JPMorgan Chase & Co. reissued a "neutral" rating on shares of ITM Power in a report on Monday, July 28th. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of GBX 76.67.

ITM Power Stock Down 2.9%

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 company has a market cap of £433.10 million, a PE ratio of -15.90 and a beta of 2.03. The stock has a 50-day moving average of GBX 73.81 and a 200-day 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 for the quarter. ITM Power had a negative net margin of 164.90% and a negative return on equity of 9.97%. Sell-side analysts predict that ITM Power Plc will post -8.9214682 earnings per share for the current fiscal 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.