ITM Power (LON:ITM) Trading 9% Higher - Time to Buy?

Key Points

• ITM Power's share price surged by 9% during trading on Thursday, reaching up to GBX 77 ($1.04) before closing at GBX 73.80 ($1.00).
• Equities analysts have a positive outlook, with Berenberg Bank issuing a "buy" rating and a target price of GBX 100 ($1.35) for the stock.
• For the current fiscal year, analysts forecast ITM Power will report an EPS of -8.92, with the company experiencing a negative net margin of 164.90% in its recent quarterly results.

ITM Power Plc (LON:ITM - Get Free Report)'s share price traded up 9% during mid-day trading on Thursday . The company traded as high as GBX 77 ($1.04) and last traded at GBX 73.80 ($1.00). 11,383,650 shares were traded during mid-day trading, an increase of 147% from the average session volume of 4,611,828 shares. The stock had previously closed at GBX 67.70 ($0.92).

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Berenberg Bank reissued a "buy" rating and issued a GBX 100 ($1.35) target price on shares of ITM Power in a research report on Thursday. JPMorgan Chase & Co. reissued a "neutral" rating on shares of ITM Power in a research note on Monday, July 28th.

ITM Power Trading Up 9.0%

The firm has a 50-day moving average price of GBX 74.14 and a 200-day moving average price of GBX 48.31. The stock has a market capitalization of £459.90 million, a PE ratio of -16.88 and a beta of 2.03. The company has a current ratio of 4.17, a quick ratio of 7.56 and a debt-to-equity ratio of 4.73.

ITM Power (LON:ITM - Get Free Report) last issued its quarterly earnings results on Thursday, August 14th. The company reported GBX (7.40) (($0.10)) earnings per share (EPS) for the quarter. ITM Power had a negative net margin of 164.90% and a negative return on equity of 9.97%. As a group, equities analysts forecast that ITM Power Plc will post -8.9214682 EPS for the current fiscal year.

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.

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