ITM Power (LON:ITM) Shares Up 11.2% - Should You Buy?

ITM Power Plc (LON:ITM - Get Free Report) rose 11.2% during mid-day trading on Friday . The company traded as high as GBX 56.47 ($0.76) and last traded at GBX 55.37 ($0.75). Approximately 6,167,687 shares changed hands during mid-day trading, an increase of 59% from the average daily volume of 3,873,929 shares. The stock had previously closed at GBX 49.80 ($0.67).

Analyst Upgrades and Downgrades

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

ITM Power Trading Up 22.7%

The company has a market capitalization of £487.94 million, a price-to-earnings ratio of -17.91 and a beta of 2.03. The business's 50 day simple moving average is GBX 35.46 and its 200 day simple moving average is GBX 34.27. The company has a debt-to-equity ratio of 4.73, a current ratio of 4.17 and a quick ratio of 7.56.

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.