ITM Power (LON:ITM) Trading 8.7% Higher - What's Next?

Key Points

• ITM Power Plc shares rose by 8.7%, reaching a trading value of GBX 65.04 ($0.86) after previously closing at GBX 59.82 ($0.80), with a trading volume increase of 46%.
• Berenberg Bank upgraded ITM Power to a "buy" rating, raising its price target from GBX 59 ($0.78) to GBX 100 ($1.33).
• The company, which specializes in green hydrogen production using renewable sources, has a market cap of £412.82 million and a P/E ratio of -15.15.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Berenberg Bank raised ITM Power to a "buy" rating and increased their price objective for the stock from GBX 59 ($0.79) to GBX 100 ($1.34) in a report on Friday, August 1st. JPMorgan Chase & Co. reissued a "neutral" rating on shares of ITM Power in a report on Monday, July 28th.

ITM Power Price Performance

The firm has a market capitalization of £402.56 million, a P/E ratio of -14.78 and a beta of 2.03. The company has a debt-to-equity ratio of 4.73, a quick ratio of 7.56 and a current ratio of 4.17. The business has a fifty day moving average of GBX 74.35 and a 200-day moving average of GBX 47.42.

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.