ITM Power (LON:ITM) Stock Price Up 11% - Here's What Happened

Key Points

• ITM Power's stock price increased by 11%, reaching GBX 75.11 ($1.02) during mid-day trading on Thursday.
• Berenberg Bank upgraded the stock to a "buy" rating and raised its price target from GBX 59 ($0.80) to GBX 100 ($1.36).
• ITM Power has a market capitalization of £470.07 million and a high debt-to-equity ratio of 4.73.

ITM Power Plc (LON:ITM - Get Free Report) rose 11% during mid-day trading on Thursday . The stock traded as high as GBX 76.25 ($1.04) and last traded at GBX 75.11 ($1.02). Approximately 8,716,784 shares traded hands during mid-day trading, an increase of 90% from the average daily volume of 4,594,842 shares. The stock had previously closed at GBX 67.70 ($0.92).

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on ITM shares. Berenberg Bank upgraded ITM Power to a "buy" rating and raised their price target for the company from GBX 59 ($0.80) to GBX 100 ($1.36) in a research note on Friday, August 1st. JPMorgan Chase & Co. restated a "neutral" rating on shares of ITM Power in a research note on Monday, July 28th.

ITM Power Stock Performance

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 company has a market capitalization of £470.07 million, a price-to-earnings ratio of -17.26 and a beta of 2.03. The stock has a 50 day simple moving average of GBX 73.89 and a two-hundred day simple moving average of GBX 48.04.

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.

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