ITM Power (LON:ITM) Stock Price Down 11% - Here's Why

Key Points

• ITM Power's shares experienced an 11% drop on Tuesday, trading at GBX 58.20 ($0.78) after peaking at GBX 65.40 ($0.87).
• Research analysts from Berenberg Bank and JPMorgan Chase & Co. have reissued a "hold" and "neutral" rating on ITM shares, with a price target set at GBX 59 ($0.79).
• The company has a market capitalization of £361.26 million and notable financial ratios, including a debt-to-equity ratio of 4.73.

ITM Power Plc (LON:ITM - Get Free Report)'s stock price traded 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). 13,131,366 shares changed hands during mid-day trading, an increase of 184% from the average session volume of 4,624,681 shares. The stock had previously closed at GBX 65.40 ($0.87).

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. reaffirmed a "neutral" rating on shares of ITM Power in a report on Monday, July 28th. Berenberg Bank restated a "hold" rating and set a GBX 59 ($0.78) target price on shares of ITM Power in a report on Thursday, May 8th.

ITM Power Trading Down 1.6%

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

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.