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

ITM Power logo with Industrials background

Key Points

  • ITM Power's shares surged by 8.7% on Tuesday, closing at GBX 65.04 ($0.86) after trading as high as GBX 68.20 ($0.91), with a trading volume significantly above the average.
  • Berenberg Bank has upgraded ITM Power to a "buy" rating, raising the price target from GBX 59 ($0.78) to GBX 100 ($1.33).
  • ITM Power, known for its green hydrogen production technology, has a market capitalization of £411.91 million and a high debt-to-equity ratio of 4.73.
  • Want stock alerts on ITM Power? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Shares of ITM Power Plc (LON:ITM - Get Free Report) traded up 8.7% on Tuesday . The stock 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 mid-day 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).

Analyst Upgrades and Downgrades

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

Read Our Latest Research Report on ITM Power

ITM Power Price Performance

The firm has a market capitalization of £402.56 million, a P/E ratio of -14.78 and a beta of 2.03. The business has a 50-day moving average of GBX 74.35 and a 200 day moving average of GBX 47.42. The company has a current ratio of 4.17, a quick ratio of 7.56 and a debt-to-equity ratio of 4.73.

ITM Power Company Profile

(Get Free Report)

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.

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