ITM Power (LON:ITM) Shares Down 11% - What's Next?

Key Points

• Shares of ITM Power Plc fell by 11%, trading at GBX 58.20 ($0.78) after previously closing at GBX 65.40 ($0.87).
• Analysts maintain a cautious outlook, with JPMorgan and Berenberg Bank issuing "neutral" and "hold" ratings, respectively, alongside a price objective of GBX 59 ($0.79).
• ITM Power holds a market cap of £358.94 million, a concerning debt-to-equity ratio of 4.73, and a P/E ratio of -13.18, indicating financial instability.

Shares of ITM Power Plc (LON:ITM - Get Free Report) were down 11% during trading on Wednesday . The company traded as low as GBX 57.10 ($0.76) and last traded at GBX 58.20 ($0.77). Approximately 13,131,366 shares traded hands during trading, an increase of 184% from the average daily volume of 4,624,681 shares. The stock had previously closed at GBX 65.40 ($0.87).

Analysts Set New Price Targets

ITM has been the topic of several recent analyst reports. Berenberg Bank reiterated a "hold" rating and issued a GBX 59 ($0.78) target price on shares of ITM Power in a research note on Thursday, May 8th. JPMorgan Chase & Co. reiterated a "neutral" rating on shares of ITM Power in a research note on Monday.

ITM Power Stock Performance

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 company has a market capitalization of £372.80 million, a PE ratio of -13.69 and a beta of 2.03. The business's 50-day moving average is GBX 72.78 and its 200-day moving average is GBX 46.40.

ITM Power Company Profile

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.