ITM Power (LON:ITM) Shares Down 11% - Here's What Happened

Key Points

• ITM Power's stock experienced an 11% drop, trading as low as GBX 57.10 ($0.76) amidst a significant increase in trading volume.
• Analysts have assigned a neutral rating from JPMorgan Chase & Co. and a hold rating from Berenberg Bank, with a price objective set at GBX 59 ($0.79).
• The company operates with a high debt-to-equity ratio of 4.73 and has a market capitalization of £358.94 million.

ITM Power Plc (LON:ITM - Get Free Report) shares fell 11% during mid-day trading on Wednesday . The company 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 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).

Analyst Ratings Changes

A number of brokerages have issued reports on ITM. Berenberg Bank reaffirmed a "hold" rating and set a GBX 59 ($0.78) price objective on shares of ITM Power in a report on Thursday, May 8th. JPMorgan Chase & Co. reiterated a "neutral" rating on shares of ITM Power in a research report on Monday.

ITM Power Stock Down 1.6%

The stock has a market capitalization of £372.80 million, a P/E ratio of -13.69 and a beta of 2.03. The business has a 50-day moving average price of GBX 72.78 and a 200 day moving average price of GBX 46.40. 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

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.