ITM Power (LON:ITM) Trading 15% Higher - Here's Why

ITM Power Plc (LON:ITM - Get Free Report)'s share price was up 15% during mid-day trading on Monday . The company traded as high as GBX 83.60 ($1.14) and last traded at GBX 83.60 ($1.14). Approximately 9,977,290 shares traded hands during mid-day trading, an increase of 114% from the average daily volume of 4,667,740 shares. The stock had previously closed at GBX 72.70 ($0.99).

Analysts Set New Price Targets

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

ITM Power Stock Down 6.3%

The business's 50 day moving average price is GBX 43.01 and its 200-day moving average price is GBX 36.45. The firm has a market capitalization of £456.16 million, a PE ratio of -16.75 and a beta of 2.03. The company has a debt-to-equity ratio of 4.73, a quick ratio of 7.56 and a current ratio of 4.17.

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.