ITM Power (LON:ITM) Shares Up 8.7% - Here's What Happened

Key Points

• ITM Power shares surged by 8.7% during Monday's trading, reaching as high as GBX 68.20 ($0.91) before settling at GBX 65.04 ($0.86).
• Berenberg Bank upgraded the company to a "buy" rating and raised its price target significantly from GBX 59 ($0.78) to GBX 100 ($1.33).
• The company's market capitalization stands at £405.33 million with a notable P/E ratio of -14.88, indicating it is not currently profitable.

ITM Power Plc (LON:ITM - Get Free Report) shares shot up 8.7% during trading on Monday . The company traded as high as GBX 68.20 ($0.91) and last traded at GBX 65.04 ($0.86). 6,723,836 shares were traded during mid-day trading, an increase of 46% from the average session volume of 4,617,773 shares. The stock had previously closed at GBX 59.82 ($0.80).

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ITM. JPMorgan Chase & Co. reaffirmed a "neutral" rating on shares of ITM Power in a research report on Monday, July 28th. Berenberg Bank upgraded shares of ITM Power to a "buy" rating and increased their price objective for the company from GBX 59 ($0.78) to GBX 100 ($1.33) in a research note on Friday.

ITM Power Price Performance

The stock has a market capitalization of £405.33 million, a P/E ratio of -14.88 and a beta of 2.03. The company has a 50 day moving average of GBX 73.16 and a 200-day moving average of GBX 46.74. 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.

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