ITM Power (LON:ITM) Trading Up 12.8% - Here's Why

ITM Power Plc (LON:ITM - Get Free Report)'s stock price rose 12.8% during trading on Wednesday . The company traded as high as GBX 89.90 ($1.22) and last traded at GBX 88.30 ($1.20). Approximately 6,857,942 shares traded hands during trading, an increase of 66% from the average daily volume of 4,130,884 shares. The stock had previously closed at GBX 78.30 ($1.06).

Wall Street Analyst Weigh In

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

ITM Power Stock Down 9.8%

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 stock has a market capitalization of £382.62 million, a PE ratio of -14.05 and a beta of 2.03. The firm's fifty day moving average is GBX 37.44 and its 200-day moving average is GBX 34.85.

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.