ITM Power (LON:ITM) Trading 9% Higher - Here's What Happened

Key Points

• ITM Power's share price increased by 9%, reaching a high of GBX 77 ($1.04) during trading on Thursday.
• Equities research analysts have varied ratings, with Berenberg Bank maintaining a "buy" rating and setting a price target of GBX 100 ($1.35).
• The company's recent quarterly earnings report indicated a negative net margin of 164.90% and a projected EPS of -8.92 for the current year.

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

Wall Street Analyst Weigh In

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

ITM Power Stock Down 2.9%

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 stock's 50 day simple moving average is GBX 73.81 and its 200 day simple moving average is GBX 48.95. The firm has a market cap of £433.10 million, a P/E ratio of -15.90 and a beta of 2.03.

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