ITM Power (LON:ITM) Shares Up 14.1% - Here's What Happened

ITM Power Plc (LON:ITM - Get Free Report)'s stock price shot up 14.1% during trading on Friday . The stock traded as high as GBX 58.50 ($0.79) and last traded at GBX 56.80 ($0.76). 9,401,504 shares were traded during trading, an increase of 141% from the average session volume of 3,905,325 shares. The stock had previously closed at GBX 49.80 ($0.67).

Analysts Set New Price Targets

Separately, Berenberg Bank restated a "hold" rating and set a GBX 59 ($0.79) price objective on shares of ITM Power in a research note on Thursday, May 8th.

ITM Power Trading Up 14.1%

The company has a market cap of £353.96 million, a P/E ratio of -12.99 and a beta of 2.03. The company has a current ratio of 4.17, a quick ratio of 7.56 and a debt-to-equity ratio of 4.73. The business has a 50 day moving average price of GBX 34.76 and a 200-day moving average price of GBX 34.08.

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.