ITM Power (LON:ITM) Shares Down 11% - Time to Sell?

Key Points

• ITM Power's stock price fell by 11%, trading as low as GBX 57.10 ($0.76) during mid-day on Wednesday.
• Analysts, including JPMorgan Chase & Co. and Berenberg Bank, have maintained a "neutral" and "hold" rating respectively, with a target price set at GBX 59 ($0.79).
• ITM Power has a market cap of £358.94 million and displays a quick ratio of 7.56, indicating solid liquidity despite the recent stock decline.

ITM Power Plc (LON:ITM - Get Free Report) shares traded down 11% on Wednesday . The stock traded as low as GBX 57.10 ($0.76) and last traded at GBX 58.20 ($0.77). 13,131,366 shares were traded during mid-day trading, an increase of 184% from the average session volume of 4,624,681 shares. The stock had previously closed at GBX 65.40 ($0.87).

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Berenberg Bank restated a "hold" rating and issued a GBX 59 ($0.78) price target on shares of ITM Power in a research report on Thursday, May 8th. JPMorgan Chase & Co. reiterated a "neutral" rating on shares of ITM Power in a research report on Monday, July 28th.

ITM Power Trading Down 1.6%

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 stock's fifty day moving average price is GBX 72.78 and its 200 day moving average price is GBX 46.46. The stock has a market capitalization of £372.80 million, a P/E ratio of -13.69 and a beta of 2.03.

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.