ITM Power (LON:ITM) Trading 8.7% Higher - Still a Buy?

Key Points

• ITM Power's shares surged by 8.7% during trading, reaching a high of GBX 68.20 and a last traded price of GBX 65.04, with a transaction volume that increased by 46% from the average.
• Berenberg Bank upgraded ITM Power's rating to "buy" and raised its price target to GBX 100, while JPMorgan Chase maintained a "neutral" rating.
• The company specializes in manufacturing electrolysers for green hydrogen production using renewable electricity and is valued at a market cap of £412.82 million.

ITM Power Plc (LON:ITM - Get Free Report)'s share price rose 8.7% during mid-day trading on Tuesday . The stock traded as high as GBX 68.20 ($0.92) and last traded at GBX 65.04 ($0.87). Approximately 6,723,836 shares traded hands during 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 Upgrades and Downgrades

Several research firms recently weighed in on ITM. JPMorgan Chase & Co. reissued a "neutral" rating on shares of ITM Power in a research note on Monday, July 28th. Berenberg Bank raised shares of ITM Power to a "buy" rating and increased their price objective for the stock from GBX 59 ($0.79) to GBX 100 ($1.34) in a research report on Friday, August 1st.

ITM Power Stock Down 1.2%

The firm's 50 day moving average price is GBX 74.20 and its two-hundred day moving average price is GBX 47.22. The company has a current ratio of 4.17, a quick ratio of 7.56 and a debt-to-equity ratio of 4.73. The company has a market capitalization of £412.54 million, a P/E ratio of -15.14 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.