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

Key Points

• ITM Power's stock surged by 8.7% during mid-day trading, reaching a high of GBX 68.20 ($0.91) before closing at GBX 65.04 ($0.86).
• Berenberg Bank upgraded ITM Power's rating to "buy" and increased their price target from GBX 59 ($0.78) to GBX 100 ($1.33), signaling growing analyst confidence in the company.
• The company's market cap stands at £405.33 million, with a significant debt-to-equity ratio of 4.73, indicating financial leverage in its operations.

Shares of ITM Power Plc (LON:ITM - Get Free Report) traded up 8.7% during trading on Monday . The company traded as high as GBX 68.20 ($0.92) and last traded at GBX 65.04 ($0.87). 6,723,836 shares traded hands 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

A number of analysts have commented on the stock. JPMorgan Chase & Co. reaffirmed a "neutral" rating on shares of ITM Power in a research note on Monday, July 28th. Berenberg Bank raised shares of ITM Power to a "buy" rating and upped their price objective 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 company has a market capitalization of £402.56 million, a PE ratio of -14.78 and a beta of 2.03. The company has a quick ratio of 7.56, a current ratio of 4.17 and a debt-to-equity ratio of 4.73. The business's 50 day simple moving average is GBX 74.20 and its 200 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.