ITM Power (LON:ITM) Trading Down 3.9% - Here's What Happened

ITM Power Plc (LON:ITM - Get Free Report) shares traded down 3.9% during trading on Wednesday . The company traded as low as GBX 67.30 ($0.91) and last traded at GBX 75.27 ($1.02). 38,237,453 shares were traded during mid-day trading, an increase of 764% from the average session volume of 4,426,917 shares. The stock had previously closed at GBX 78.30 ($1.06).

Analysts Set New Price Targets

Separately, Berenberg Bank reissued a "hold" rating and issued a GBX 59 ($0.80) price objective on shares of ITM Power in a research note on Thursday, May 8th.

ITM Power Stock Down 3.9%

The business has a 50-day moving average price of GBX 37.44 and a 200-day moving average price of GBX 34.85. The company has a market capitalization of £469.06 million, a price-to-earnings ratio of -17.22 and a beta of 2.03. The company has a quick ratio of 7.56, a current ratio of 4.17 and a debt-to-equity ratio of 4.73.

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.

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