ITM Power (LON:ITM) Stock Price Down 9.7% - Here's Why

ITM Power Plc (LON:ITM - Get Free Report) fell 9.7% during trading on Thursday . The stock traded as low as GBX 59.15 ($0.80) and last traded at GBX 61.48 ($0.83). 54,191,391 shares traded hands during trading, an increase of 1,008% from the average session volume of 4,892,006 shares. The stock had previously closed at GBX 68.10 ($0.92).

Wall Street Analyst Weigh In

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

ITM Power Stock Performance

The company has a quick ratio of 7.56, a current ratio of 4.17 and a debt-to-equity ratio of 4.73. The company has a market capitalization of £382.62 million, a PE ratio of -14.05 and a beta of 2.03. The business has a 50 day simple moving average of GBX 38.14 and a 200 day simple moving average of GBX 35.02.

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.