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

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.

ITM Power Plc (LON:ITM - Get Free Report) shares traded up 8.7% during mid-day trading on Monday . The company traded as high as GBX 68.20 ($0.91) and last traded at GBX 65.04 ($0.86). 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).

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. JPMorgan Chase & Co. reiterated a "neutral" rating on shares of ITM Power in a report on Monday, July 28th. Berenberg Bank raised ITM Power to a "buy" rating and upped their price target for the company from GBX 59 ($0.78) to GBX 100 ($1.33) in a research note on Friday.

ITM Power Price Performance

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

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.

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