ITM Power (LON:ITM) Trading 9% Higher - Time to Buy?

Key Points

• Shares of ITM Power Plc experienced a significant increase, rising 9% during trading, reaching a high of GBX 77 ($1.04).
• Equities analysts have differing opinions on the stock, with Berenberg Bank maintaining a "buy" rating and a price target of GBX 100 ($1.35), while JPMorgan has a "neutral" rating."
• The company's latest earnings report showed a negative earnings per share of GBX (7.40) (($0.10)) and a negative net margin of 164.90%.

ITM Power Plc (LON:ITM - Get Free Report)'s share price was up 9% during mid-day trading on Thursday . The company traded as high as GBX 77 ($1.04) and last traded at GBX 73.80 ($1.00). Approximately 11,383,650 shares traded hands during mid-day trading, an increase of 147% from the average daily volume of 4,611,828 shares. The stock had previously closed at GBX 67.70 ($0.92).

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ITM. JPMorgan Chase & Co. reaffirmed a "neutral" rating on shares of ITM Power in a research note on Monday, July 28th. Berenberg Bank reaffirmed a "buy" rating and set a GBX 100 ($1.36) target price on shares of ITM Power in a research note on Thursday.

ITM Power Price Performance

The stock's 50 day moving average is GBX 74.05 and its two-hundred day moving average is GBX 48.54. 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 stock has a market capitalization of £425.00 million, a PE ratio of -15.60 and a beta of 2.03.

ITM Power (LON:ITM - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The company reported GBX (7.40) (($0.10)) earnings per share (EPS) for the quarter. ITM Power had a negative net margin of 164.90% and a negative return on equity of 9.97%. As a group, sell-side analysts forecast that ITM Power Plc will post -8.9214682 earnings per share for the current fiscal year.

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.