ITM Power (LON:ITM) Shares Up 19.7% - Here's What Happened

ITM Power Plc (LON:ITM - Get Free Report) rose 19.7% during mid-day trading on Monday . The stock traded as high as GBX 42.85 ($0.57) and last traded at GBX 42.85 ($0.57). Approximately 10,742,647 shares changed hands during mid-day trading, an increase of 175% from the average daily volume of 3,907,366 shares. The stock had previously closed at GBX 35.80 ($0.48).

Wall Street Analyst Weigh In

Separately, Berenberg Bank reiterated a "hold" rating and issued a GBX 59 ($0.78) target price on shares of ITM Power in a research report on Thursday, May 8th.

ITM Power Trading Down 1.7%

The firm has a market cap of £269.50 million, a price-to-earnings ratio of -9.89 and a beta of 2.03. The company's 50-day moving average price is GBX 30.68 and its 200-day moving average price is GBX 33.56. The company has a quick ratio of 7.56, a current ratio of 4.17 and a debt-to-equity ratio of 4.73.

Insider Activity at ITM Power

In other ITM Power news, insider Amy Grey acquired 102,455 shares of the company's stock in a transaction that occurred on Friday, February 28th. The stock was bought at an average price of GBX 29 ($0.39) per share, with a total value of £29,711.95 ($39,468.58). In the last quarter, insiders acquired 103,503 shares of company stock valued at $3,001,059. Corporate insiders own 48.26% of the company's stock.

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.