ITM Power (LON:ITM) Stock Price Up 9% - Still a Buy?

Key Points

• ITM Power shares rose 9%, reaching GBX 73.80 ($1.00) during trading, significantly higher than the previous close of GBX 67.70 ($0.92).
• Analysts have mixed ratings, with Berenberg Bank reiterating a "buy" with a target price of GBX 100 ($1.35), while JPMorgan Chase & Co. maintained a "neutral" rating.
• ITM Power posted a quarterly loss with earnings per share of GBX (7.40) (($0.10)) and negative net margins, alongside a high market cap of £459.90 million.

ITM Power Plc (LON:ITM - Get Free Report) shares rose 9% during 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 were traded 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 Ratings Changes

ITM has been the topic of a number of research reports. JPMorgan Chase & Co. reiterated a "neutral" rating on shares of ITM Power in a research note on Monday, July 28th. Berenberg Bank restated a "buy" rating and set a GBX 100 ($1.35) target price on shares of ITM Power in a research report on Thursday.

ITM Power Price Performance

The company's 50 day moving average price is GBX 74.14 and its 200-day moving average price is GBX 48.31. The stock has a market cap of £459.90 million, a P/E ratio of -16.88 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.

ITM Power (LON:ITM - Get Free Report) last released 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 expect that ITM Power Plc will post -8.9214682 earnings per share for the current year.

About ITM Power

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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