ITM Power (LON:ITM) Trading Up 8.7% - What's Next?

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) shares traded up 8.7% during mid-day trading on Monday . The stock traded as high as GBX 68.20 ($0.92) and last traded at GBX 65.04 ($0.87). 6,723,836 shares were traded 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

Several equities research analysts recently issued reports on the stock. Berenberg Bank raised shares of ITM Power to a "buy" rating and raised their target price for the stock from GBX 59 ($0.79) to GBX 100 ($1.34) in a research report on Friday, August 1st. JPMorgan Chase & Co. restated a "neutral" rating on shares of ITM Power in a report on Monday, July 28th.

ITM Power Price Performance

The company has a market cap of £402.56 million, a PE ratio of -14.78 and a beta of 2.03. The business's 50 day moving average price is GBX 74.20 and its 200-day moving average price is GBX 47.22. The company has a quick ratio of 7.56, a current ratio of 4.17 and a debt-to-equity ratio of 4.73.

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.