ITM Power (LON:ITM) Trading Up 8.7% - Here's Why

Key Points

• ITM Power's stock price rose by 8.7% on Tuesday, closing at GBX 65.04 ($0.86) after trading as high as GBX 68.20 ($0.91) with a notable increase in trading volume.
• Berenberg Bank upgraded ITM Power to a "buy" rating and increased its target price from GBX 59 ($0.78) to GBX 100 ($1.33), signaling positive sentiment among analysts.
• ITM Power specializes in designing and manufacturing electrolysers for producing green hydrogen using renewable electricity and water, positioning the company as a key player in sustainable energy solutions.

Shares of ITM Power Plc (LON:ITM - Get Free Report) were up 8.7% during trading on Tuesday . The stock traded as high as GBX 68.20 ($0.92) and last traded at GBX 65.04 ($0.87). Approximately 6,723,836 shares were traded during mid-day trading, an increase of 46% from the average daily volume of 4,617,773 shares. The stock had previously closed at GBX 59.82 ($0.80).

Wall Street Analysts Forecast Growth

ITM has been the subject of a number of research reports. JPMorgan Chase & Co. reissued a "neutral" rating on shares of ITM Power in a research report on Monday, July 28th. Berenberg Bank upgraded ITM Power to a "buy" rating and upped their price objective for the company from GBX 59 ($0.79) to GBX 100 ($1.34) in a research note on Friday, August 1st.

ITM Power Trading Down 1.2%

The company has a market cap of £412.54 million, a P/E ratio of -15.14 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. The firm's 50-day moving average price is GBX 74.20 and its 200-day moving average price is GBX 47.22.

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.