ITM Power (LON:ITM) Stock Price Up 8.7% - Should You Buy?

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.

ITM Power Plc (LON:ITM - Get Free Report) shares were up 8.7% during trading on Tuesday . The company 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).

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ITM. Berenberg Bank upgraded shares of ITM Power to a "buy" rating and boosted their price objective for the stock from GBX 59 ($0.79) to GBX 100 ($1.34) in a research note on Friday, August 1st. JPMorgan Chase & Co. reiterated a "neutral" rating on shares of ITM Power in a report on Monday, July 28th.

ITM Power Trading Down 1.2%

The company has a current ratio of 4.17, a quick ratio of 7.56 and a debt-to-equity ratio of 4.73. The business has a 50 day moving average of GBX 74.20 and a two-hundred day moving average of GBX 47.22. The firm has a market cap of £412.54 million, a P/E ratio of -15.14 and a beta of 2.03.

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.