ITM Power (LON:ITM) Shares Up 11.9% - Here's Why

ITM Power Plc (LON:ITM - Get Free Report) shares rose 11.9% during trading on Wednesday . The stock traded as high as GBX 94.50 ($1.28) and last traded at GBX 87.62 ($1.19). Approximately 18,291,316 shares traded hands during trading, an increase of 332% from the average daily volume of 4,238,746 shares. The stock had previously closed at GBX 78.30 ($1.06).

Analyst Upgrades and Downgrades

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

ITM Power Stock Performance

The business's fifty day moving average is GBX 37.44 and its two-hundred day moving average is GBX 34.85. The stock has a market capitalization of £382.62 million, a PE ratio of -14.05 and a beta of 2.03. The company has a quick ratio of 7.56, a current ratio of 4.17 and a debt-to-equity ratio of 4.73.

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.