ITM Power (LON:ITM) Stock Price Up 8.7% - Still a Buy?

Key Points

• ITM Power's share price rose by 8.7%, reaching a last traded price of GBX 65.04 ($0.86), with a notable increase in trading volume.
• Berenberg Bank upgraded ITM Power to a "buy" rating and raised their target price from GBX 59 ($0.78) to GBX 100 ($1.33).
• The company specializes in producing green hydrogen through proton exchange membrane technology, aiming to contribute to net zero energy goals.

ITM Power Plc (LON:ITM - Get Free Report) shot up 8.7% during trading on Monday . The company traded as high as GBX 68.20 ($0.92) and last traded at GBX 65.04 ($0.87). 6,723,836 shares changed hands during 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).

Analysts Set New Price Targets

A number of brokerages have recently commented on ITM. Berenberg Bank upgraded shares of ITM Power to a "buy" rating and lifted their price target for the stock from GBX 59 ($0.79) to GBX 100 ($1.34) in a report 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 2.4%

The business's fifty day moving average is GBX 74.20 and its 200-day moving average is GBX 47.22. The stock has a market capitalization of £402.56 million, a PE ratio of -14.78 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.

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.