ITM Power (LON:ITM) Stock Price Up 8.7% - Should You Buy?

Key Points

• ITM Power's stock price surged 8.7%, closing at GBX 65.04 ($0.86) after a significant trading volume increase of 46% compared to its average.
• Analysts have shown mixed opinions, with Berenberg Bank upgrading the stock to "buy" and raising its price target from GBX 59 to GBX 100, while JPMorgan Chase & Co. maintains a "neutral" rating.
• The company has a market capitalization of £405.33 million and notable financial metrics, including a debt-to-equity ratio of 4.73 and a current ratio of 4.17.

Shares of ITM Power Plc (LON:ITM - Get Free Report) rose 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). Approximately 6,723,836 shares were traded during mid-day trading, an increase of 46% from the average daily volume of 4,617,773 shares. The stock had previously closed at GBX 59.82 ($0.80).

Analyst Upgrades and Downgrades

ITM has been the topic of several research reports. JPMorgan Chase & Co. reaffirmed a "neutral" rating on shares of ITM Power in a report on Monday, July 28th. Berenberg Bank upgraded ITM Power to a "buy" rating and lifted their price target for the stock from GBX 59 ($0.78) to GBX 100 ($1.33) in a research report on Friday.

ITM Power Trading Up 8.7%

The company has a market cap of £405.33 million, a PE ratio of -14.88 and a beta of 2.03. The company has a debt-to-equity ratio of 4.73, a current ratio of 4.17 and a quick ratio of 7.56. The company has a 50-day moving average of GBX 72.78 and a 200 day moving average of GBX 46.54.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.