ITM Power (LON:ITM) Stock Price Up 8.7% - Here's What Happened

Key Points

• ITM Power shares experienced an 8.7% increase in stock price during mid-day trading, reaching a high of GBX 68.20 ($0.91) from a previous close of GBX 59.82 ($0.80).
• Brokerages have made recent adjustments to their ratings, with Berenberg Bank upgrading ITM Power to a "buy" rating and raising their price target to GBX 100 ($1.33).
• The company has a market cap of £405.33 million and a debt-to-equity ratio of 4.73, indicating potential financial leverage in its operations.

ITM Power Plc (LON:ITM - Get Free Report) traded up 8.7% during mid-day trading on Monday . The stock traded as high as GBX 68.20 ($0.91) and last traded at GBX 65.04 ($0.86). 6,723,836 shares traded hands during mid-day trading, an increase of 46% from the average session volume of 4,617,773 shares. The stock had previously closed at GBX 59.82 ($0.80).

Analyst Ratings Changes

A number of brokerages have recently weighed in on ITM. JPMorgan Chase & Co. reissued a "neutral" rating on shares of ITM Power in a report on Monday, July 28th. Berenberg Bank upgraded shares of ITM Power to a "buy" rating and upped their price objective for the stock from GBX 59 ($0.78) to GBX 100 ($1.33) in a research report on Friday.

ITM Power Stock Performance

The stock's fifty day simple moving average is GBX 72.78 and its 200 day simple moving average is GBX 46.54. The company has a current ratio of 4.17, a quick ratio of 7.56 and a debt-to-equity ratio of 4.73. The company has a market cap of £405.33 million, a price-to-earnings ratio of -14.88 and a beta of 2.03.

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.

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