ITM Power (LON:ITM) Shares 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.

ITM Power Plc (LON:ITM - Get Free Report)'s stock price traded up 8.7% 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 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

ITM has been the subject of several recent analyst reports. 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 increased their price target for the company from GBX 59 ($0.79) to GBX 100 ($1.34) in a research note on Friday, August 1st.

ITM Power Stock Down 2.4%

The stock has a market cap of £402.56 million, a P/E ratio of -14.78 and a beta of 2.03. The firm has a 50 day simple moving average of GBX 74.20 and a 200-day simple moving average of 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.

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.