ITM Power (LON:ITM) Shares Down 4.4% - Here's Why

Key Points

• ITM Power's share price decreased by 4.4% to GBX 62.50 ($0.84) during mid-day trading, with a significant drop in trading volume, down 60% from the average session.
• Analysts have issued mixed ratings, with Berenberg Bank maintaining a "hold" rating and a price target of GBX 59 ($0.79), while JPMorgan Chase & Co. reiterated a "neutral" rating.
• ITM Power has a market capitalization of £366.42 million and operates with a high current ratio of 4.17 and a debt-to-equity ratio of 4.73.

ITM Power Plc (LON:ITM - Get Free Report) shares were down 4.4% on Tuesday . The stock traded as low as GBX 62 ($0.82) and last traded at GBX 62.50 ($0.83). Approximately 1,834,127 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 4,546,769 shares. The stock had previously closed at GBX 65.40 ($0.86).

Analysts Set New Price Targets

Several research analysts have weighed in on ITM shares. JPMorgan Chase & Co. reiterated a "neutral" rating on shares of ITM Power in a report on Monday. Berenberg Bank reiterated a "hold" rating and issued a GBX 59 ($0.78) price target on shares of ITM Power in a report on Thursday, May 8th.

ITM Power Trading Down 1.6%

The firm has a market capitalization of £372.80 million, a price-to-earnings ratio of -13.69 and a beta of 2.03. 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 business has a fifty day moving average price of GBX 72.51 and a 200 day moving average price of GBX 46.23.

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.