ITM Power (LON:ITM) Shares Down 6% - Here's What Happened

Shares of ITM Power Plc (LON:ITM - Get Free Report) traded down 6% during mid-day trading on Tuesday . The stock traded as low as GBX 75.30 ($1.01) and last traded at GBX 79.43 ($1.07). 5,291,000 shares were traded during trading, an increase of 15% from the average session volume of 4,592,252 shares. The stock had previously closed at GBX 84.53 ($1.14).

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank reaffirmed a "hold" rating and issued a GBX 59 ($0.79) target price on shares of ITM Power in a research report on Thursday, May 8th.

ITM Power Stock Performance

The business's 50-day moving average price is GBX 68.24 and its 200-day moving average price is GBX 44.30. 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 has a market cap of £474.23 million, a P/E ratio of -17.41 and a beta of 2.03.

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.