ITM Power (LON:ITM) Trading 22.7% Higher - Here's Why

ITM Power Plc (LON:ITM - Get Free Report)'s stock price rose 22.7% during mid-day trading on Tuesday . The stock traded as high as GBX 79.70 ($1.08) and last traded at GBX 78.30 ($1.06). Approximately 15,714,211 shares were traded during trading, an increase of 283% from the average daily volume of 4,104,912 shares. The stock had previously closed at GBX 63.80 ($0.86).

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank restated 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 Up 18.4%

The company's 50 day moving average price is GBX 39.05 and its two-hundred day moving average price is GBX 35.27. 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 cap of £453.04 million, a P/E ratio of -16.63 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.