ITM Power (LON:ITM) Trading 8.7% Higher - Should You Buy?

Key Points

• ITM Power Plc shares surged by 8.7% to GBX 65.04, with trading volume increasing by 46% compared to its average daily volume.
• Berenberg Bank upgraded ITM Power to a "buy" rating and raised its price target to GBX 100, while JPMorgan maintained a "neutral" rating.
• The company specializes in producing green hydrogen using electrolysis technology, supporting advancements in renewable energy.

ITM Power Plc (LON:ITM - Get Free Report)'s share price shot up 8.7% during trading 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 changed 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).

Analysts Set New Price Targets

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

ITM Power Stock Performance

The company has a debt-to-equity ratio of 4.73, a quick ratio of 7.56 and a current ratio of 4.17. The company has a market cap of £402.56 million, a price-to-earnings 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.

About ITM Power

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.