ITM Power (LON:ITM) Stock Price Down 6.2% - Here's What Happened

Key Points

• ITM Power's stock price decreased by 6.2% during trading, closing at GBX 69.25 ($0.94) after reaching a low of GBX 65.70 ($0.89).
• Analysts have mixed opinions on ITM Power, with JPMorgan Chase & Co. maintaining a "neutral" rating while Berenberg Bank set a target price of GBX 100 ($1.35) with a "buy" rating.
• The company reported a negative net margin of 164.90% in its latest quarterly earnings, signaling continued financial struggles.

ITM Power Plc (LON:ITM - Get Free Report)'s stock price fell 6.2% during trading on Friday . The stock traded as low as GBX 65.70 ($0.89) and last traded at GBX 69.25 ($0.94). 9,166,828 shares traded hands during trading, an increase of 98% from the average session volume of 4,640,657 shares. The stock had previously closed at GBX 73.80 ($1.00).

Analyst Ratings Changes

A number of brokerages have recently issued reports on ITM. JPMorgan Chase & Co. restated a "neutral" rating on shares of ITM Power in a research report on Monday, July 28th. Berenberg Bank restated a "buy" rating and set a GBX 100 price target on shares of ITM Power in a research note on Thursday, August 14th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of GBX 76.67.

ITM Power Price Performance

The company has a quick ratio of 7.56, a current ratio of 4.17 and a debt-to-equity ratio of 4.73. The business's 50-day simple moving average is GBX 73.81 and its 200 day simple moving average is GBX 48.95. The firm has a market capitalization of £433.10 million, a P/E ratio of -15.90 and a beta of 2.03.

ITM Power (LON:ITM - Get Free Report) last issued its earnings results on Thursday, August 14th. The company reported GBX (7.40) earnings per share (EPS) for the quarter. ITM Power had a negative return on equity of 9.97% and a negative net margin of 164.90%. Sell-side analysts forecast that ITM Power Plc will post -8.9214682 earnings per share for the current year.

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.