ITM Power (LON:ITM) Shares Down 6.3% - Here's Why

ITM Power Plc (LON:ITM - Get Free Report) fell 6.3% during trading on Friday . The stock traded as low as GBX 73 ($0.99) and last traded at GBX 73.20 ($0.99). 4,206,881 shares traded hands during mid-day trading, a decline of 10% from the average session 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 reiterated a "hold" rating and set a GBX 59 ($0.80) price target on shares of ITM Power in a report on Thursday, May 8th.

ITM Power Trading Up 1.1%

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 firm's fifty day moving average is GBX 44.83 and its two-hundred day moving average is GBX 37.02. The firm has a market cap of £457.40 million, a P/E ratio of -16.79 and a beta of 2.03.

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.