ITM Power (LON:ITM) Shares Up 11.1% - Should You Buy?

Key Points

• ITM Power's shares rose by 11.1% during mid-day trading, reaching prices as high as GBX 77 ($1.05) and closing at GBX 75.19 ($1.02).
• Berenberg Bank upgraded ITM Power's rating to "buy" and increased their target price from GBX 59 ($0.80) to GBX 100 ($1.36).
• ITM Power reported a negative net margin of 164.90% and is projected to have a fiscal year EPS of -8.92.

ITM Power Plc (LON:ITM - Get Free Report)'s share price was up 11.1% during mid-day trading on Thursday . The company traded as high as GBX 77 ($1.05) and last traded at GBX 75.19 ($1.02). Approximately 12,625,973 shares changed hands during trading, an increase of 173% from the average daily volume of 4,619,741 shares. The stock had previously closed at GBX 67.70 ($0.92).

Analysts Set New Price Targets

A number of research analysts recently issued reports on ITM shares. Berenberg Bank upgraded shares of ITM Power to a "buy" rating and boosted their target price for the company from GBX 59 ($0.80) to GBX 100 ($1.36) in a research report on Friday, August 1st. JPMorgan Chase & Co. reiterated a "neutral" rating on shares of ITM Power in a research report on Monday, July 28th.

ITM Power Stock Performance

The firm has a market capitalization of £468.55 million, a PE ratio of -17.20 and a beta of 2.03. The company has a debt-to-equity ratio of 4.73, a current ratio of 4.17 and a quick ratio of 7.56. The company's fifty day simple moving average is GBX 73.89 and its 200 day simple moving average is GBX 48.04.

ITM Power (LON:ITM - Get Free Report) last released its quarterly earnings data on Thursday, August 14th. The company reported GBX (7.40) (($0.10)) EPS for the quarter. ITM Power had a negative net margin of 164.90% and a negative return on equity of 9.97%. As a group, equities research analysts expect 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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