ITM Power (LON:ITM) Trading 8.7% Higher - What's Next?

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 rose 8.7% during trading on Tuesday . The stock traded as high as GBX 68.20 ($0.91) and last traded at GBX 65.04 ($0.87). Approximately 6,723,836 shares changed hands 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

ITM has been the subject of several research reports. JPMorgan Chase & Co. reiterated a "neutral" rating on shares of ITM Power in a research report on Monday, July 28th. Berenberg Bank upgraded ITM Power to a "buy" rating and increased their target price for the company from GBX 59 ($0.79) to GBX 100 ($1.34) in a research report on Friday, August 1st.

ITM Power Stock Up 0.8%

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 company has a market capitalization of £417.52 million, a P/E ratio of -15.33 and a beta of 2.03. The stock has a 50-day moving average price of GBX 73.87 and a 200-day moving average price of GBX 47.01.

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.