ITM Power (LON:ITM) Shares Up 8.7% - Time to Buy?

Key Points

• ITM Power's stock price rose by 8.7% to close at GBX 65.04 ($0.86), with trading volume increasing by 46% compared to the average.
• Analysts have shown mixed sentiments, with JPMorgan maintaining a "neutral" rating, while Berenberg Bank upgraded ITM Power to a "buy" rating and set a new target price of GBX 100 ($1.33).
• The company has a high debt-to-equity ratio of 4.73 and a market capitalization of £405.33 million, indicating significant leverage and size within the market.

Shares of ITM Power Plc (LON:ITM - Get Free Report) were 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). Approximately 6,723,836 shares changed hands 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).

Wall Street Analysts Forecast Growth

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

ITM Power Stock Down 2.4%

The company has a debt-to-equity ratio of 4.73, a quick ratio of 7.56 and a current ratio of 4.17. The company has a market capitalization of £402.56 million, a price-to-earnings ratio of -14.78 and a beta of 2.03. The stock's fifty day simple moving average is GBX 74.20 and its two-hundred day simple moving average is GBX 47.22.

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.