ITM Power (LON:ITM) Trading Up 9% - Should You Buy?

Key Points

• ITM Power's stock surged by 9% on Friday, reaching a high of GBX 77 ($1.04) before closing at GBX 73.80 ($1.00), with trading volumes increasing by 147% compared to the average.
• Berenberg Bank has given ITM Power a "buy" rating with a price target of GBX 100 ($1.35), while JPMorgan Chase maintains a "neutral" rating.
• The company reported a negative earnings per share of GBX (7.40) ($0.10) for the last quarter, with a forecast of -8.92 EPS for the current year.

ITM Power Plc (LON:ITM - Get Free Report)'s share price was up 9% during trading on Friday . The stock traded as high as GBX 77 ($1.04) and last traded at GBX 73.80 ($1.00). Approximately 11,383,650 shares were traded during trading, an increase of 147% from the average daily volume of 4,611,828 shares. The stock had previously closed at GBX 67.70 ($0.91).

Analyst Ratings Changes

Several equities analysts recently commented on ITM shares. Berenberg Bank restated a "buy" rating and set a GBX 100 target price on shares of ITM Power in a research report on Thursday, August 14th. JPMorgan Chase & Co. reiterated a "neutral" rating on shares of ITM Power in a report on Monday, July 28th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, ITM Power presently has an average rating of "Moderate Buy" and a consensus target price of GBX 76.67.

ITM Power Stock Down 2.9%

The company has a market capitalization of £433.10 million, a PE ratio of -15.90 and a beta of 2.03. The company has a debt-to-equity ratio of 4.73, a current ratio of 4.17 and a quick ratio of 7.56. The company has a 50-day moving average of GBX 73.81 and a two-hundred day moving average of GBX 48.95.

ITM Power (LON:ITM - Get Free Report) last released its earnings results on Thursday, August 14th. The company reported GBX (7.40) earnings per share for the quarter. ITM Power had a negative net margin of 164.90% and a negative return on equity of 9.97%. Sell-side analysts anticipate that ITM Power Plc will post -8.9214682 earnings per share 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.