ITM Power (LON:ITM) Trading Up 11% - What's Next?

Key Points

• ITM Power's stock rose by 11% on Thursday, reaching a last traded price of GBX 75.11 ($1.02), following a notable increase in share volume.
• Analysts have upgraded the stock to a "buy" rating, with Berenberg Bank increasing the price target from GBX 59 ($0.80) to GBX 100 ($1.36).
• The company, which specializes in producing green hydrogen through electrolysis, has a market cap of £470.07 million and a significant debt-to-equity ratio of 4.73.

ITM Power Plc (LON:ITM - Get Free Report) was up 11% on Thursday . The company traded as high as GBX 76.25 ($1.04) and last traded at GBX 75.11 ($1.02). Approximately 8,716,784 shares changed hands during mid-day trading, an increase of 90% from the average daily volume of 4,594,842 shares. The stock had previously closed at GBX 67.70 ($0.92).

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Berenberg Bank upgraded shares of ITM Power to a "buy" rating and lifted their price target for the stock from GBX 59 ($0.80) to GBX 100 ($1.36) in a research report on Friday, August 1st. JPMorgan Chase & Co. reiterated a "neutral" rating on shares of ITM Power in a research report on Monday, July 28th.

ITM Power Stock Performance

The firm's 50-day moving average price is GBX 73.89 and its 200 day moving average price is GBX 48.04. 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 has a market cap of £470.07 million, a price-to-earnings ratio of -17.26 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.

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