ITM Power (LON:ITM) Shares Up 18.4% - Here's Why

Shares of ITM Power Plc (LON:ITM - Get Free Report) shot up 18.4% on Saturday . The company traded as high as GBX 75.20 ($1.02) and last traded at GBX 72.70 ($0.98). 13,991,459 shares were traded during mid-day trading, an increase of 203% from the average session volume of 4,618,578 shares. The stock had previously closed at GBX 61.40 ($0.83).

Analyst Upgrades and Downgrades

Separately, Berenberg Bank reiterated a "hold" rating and issued a GBX 59 ($0.80) target price on shares of ITM Power in a report on Thursday, May 8th.

ITM Power Stock Performance

The stock has a market cap of £453.04 million, a P/E ratio of -16.63 and a beta of 2.03. The company has a fifty day moving average price of GBX 39.05 and a 200 day moving average price of GBX 35.29. The company has a debt-to-equity ratio of 4.73, a current ratio of 4.17 and a quick ratio of 7.56.

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.