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

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) traded up 8.7% on Tuesday . The company traded as high as GBX 68.20 ($0.92) and last traded at GBX 65.04 ($0.87). 6,723,836 shares traded hands during 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 Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. restated a "neutral" rating on shares of ITM Power in a research note on Monday, July 28th. Berenberg Bank raised ITM Power to a "buy" rating and boosted their price objective for the company from GBX 59 ($0.79) to GBX 100 ($1.34) in a report on Friday, August 1st.

ITM Power Stock Performance

The stock has a market capitalization of £402.56 million, a P/E ratio of -14.78 and a beta of 2.03. The company has a fifty day moving average of GBX 74.35 and a two-hundred day moving average of GBX 47.42. The company has a debt-to-equity ratio of 4.73, a current ratio of 4.17 and a quick ratio of 7.56.

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.