ITM Power (LON:ITM) Trading Up 8.7% - Time to Buy?

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.

Shares of ITM Power Plc (LON:ITM - Get Free Report) rose 8.7% during mid-day trading on Monday . The company traded as high as GBX 68.20 ($0.92) and last traded at GBX 65.04 ($0.87). Approximately 6,723,836 shares were traded during mid-day trading, an increase of 46% from the average daily volume of 4,617,773 shares. The stock had previously closed at GBX 59.82 ($0.80).

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Berenberg Bank upgraded shares of ITM Power to a "buy" rating and increased their target price for the stock from GBX 59 ($0.79) to GBX 100 ($1.34) in a research report on Friday, August 1st. JPMorgan Chase & Co. restated a "neutral" rating on shares of ITM Power in a report on Monday, July 28th.

ITM Power Stock Performance

The stock's 50-day simple moving average is GBX 74.20 and its 200 day simple moving average is GBX 47.22. 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 stock has a market capitalization of £402.56 million, a P/E ratio of -14.78 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.