ITM Power (LON:ITM) Shares Up 9% - Here's Why

Key Points

• ITM Power's shares rose by 9% during mid-day trading, reaching a high of GBX 77 ($1.04) after closing at GBX 67.70 ($0.92) the previous day.
• Brokerages such as Berenberg Bank have issued a "buy" rating with a target price of GBX 100 ($1.35), indicating positive expectations for the company's future performance.
• Despite the recent uptick in stock price, ITM Power reported a negative net margin of 164.90% and anticipates an EPS of -8.92 for the current fiscal year.

ITM Power Plc (LON:ITM - Get Free Report) shot up 9% during mid-day trading on Friday . The company traded as high as GBX 77 ($1.04) and last traded at GBX 73.80 ($1.00). 11,383,650 shares changed hands during mid-day trading, an increase of 147% from the average session volume of 4,611,828 shares. The stock had previously closed at GBX 67.70 ($0.92).

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ITM. Berenberg Bank restated a "buy" rating and issued a GBX 100 ($1.35) target price on shares of ITM Power in a report on Thursday. JPMorgan Chase & Co. reiterated a "neutral" rating on shares of ITM Power in a report on Monday, July 28th.

ITM Power Stock Down 8.5%

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 firm has a market cap of £420.70 million, a PE ratio of -15.44 and a beta of 2.03. The business has a fifty day moving average price of GBX 74.14 and a two-hundred day moving average price of GBX 48.31.

ITM Power (LON:ITM - Get Free Report) last released its quarterly earnings data on Thursday, August 14th. The company reported GBX (7.40) (($0.10)) earnings per share (EPS) for the quarter. ITM Power had a negative net margin of 164.90% and a negative return on equity of 9.97%. On average, analysts anticipate that ITM Power Plc will post -8.9214682 EPS for the current fiscal year.

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.

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