ITM Power (LON:ITM) Shares Up 9% - Should You Buy?

Key Points

• ITM Power's stock price surged by 9% during trading, reaching a high of GBX 77 ($1.04) before closing at GBX 73.80 ($1.00), with a trading volume increase of 147% compared to its average daily volume.
• Berenberg Bank has reiterated a "buy" rating for ITM Power with a price target of GBX 100 ($1.35), while JPMorgan Chase maintains a "neutral" rating.
• ITM Power's latest quarterly report showed a negative earnings per share of GBX (7.40) ($0.10) and an anticipated net loss of about -8.92 EPS for the current year.

ITM Power Plc (LON:ITM - Get Free Report) shares shot up 9% on Thursday . The stock traded as high as GBX 77 ($1.04) and last traded at GBX 73.80 ($1.00). 11,383,650 shares changed hands during mid-day trading, an increase of 147% from the average session volume of 4,611,828 shares. The stock had previously closed at GBX 67.70 ($0.91).

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Berenberg Bank reissued a "buy" rating and issued a GBX 100 price target on shares of ITM Power in a research report on Thursday, August 14th. JPMorgan Chase & Co. reissued a "neutral" rating on shares of ITM Power in a report on Monday, July 28th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of GBX 76.67.

ITM Power Price Performance

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 firm has a market capitalization of £433.10 million, a PE ratio of -15.90 and a beta of 2.03. The business's 50 day moving average is GBX 73.81 and its two-hundred day moving average is GBX 48.95.

ITM Power (LON:ITM - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The company reported GBX (7.40) earnings per share (EPS) for the quarter. ITM Power had a negative return on equity of 9.97% and a negative net margin of 164.90%. As a group, research analysts anticipate that ITM Power Plc will post -8.9214682 EPS 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.