ITM Power (LON:ITM) Trading 12.3% Higher - What's Next?

Shares of ITM Power Plc (LON:ITM - Get Free Report) rose 12.3% during mid-day trading on Tuesday . The stock traded as high as GBX 67.90 ($0.92) and last traded at GBX 63.80 ($0.86). Approximately 13,053,060 shares changed hands during trading, an increase of 227% from the average daily volume of 3,993,284 shares. The stock had previously closed at GBX 56.80 ($0.77).

Wall Street Analysts Forecast Growth

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

ITM Power Stock Down 3.9%

The company's fifty day simple moving average is GBX 36.48 and its 200-day simple moving average is GBX 34.57. 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 firm has a market capitalization of £469.06 million, a PE ratio of -17.22 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.