ITM Power (LON:ITM) Stock Price Down 6.3% - Should You Sell?

Shares of ITM Power Plc (LON:ITM - Get Free Report) dropped 6.3% on Thursday . The stock traded as low as GBX 73 ($0.99) and last traded at GBX 73.20 ($1.00). Approximately 4,206,881 shares changed hands during mid-day trading, a decline of 10% from the average daily volume of 4,699,091 shares. The stock had previously closed at GBX 78.10 ($1.06).

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank reaffirmed a "hold" rating and issued a GBX 59 ($0.80) target price on shares of ITM Power in a research note on Thursday, May 8th.

ITM Power Stock Down 0.8%

The firm has a fifty day simple moving average of GBX 43.01 and a 200-day simple moving average of GBX 36.45. The company has a market capitalization of £452.42 million, a P/E ratio of -16.61 and a beta of 2.03. The company has a quick ratio of 7.56, a current ratio of 4.17 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.