ITM Power (LON:ITM) Trading Up 14.1% - Time to Buy?

Shares of ITM Power Plc (LON:ITM - Get Free Report) rose 14.1% during mid-day trading on Saturday . The stock traded as high as GBX 58.50 ($0.79) and last traded at GBX 56.80 ($0.77). Approximately 9,401,504 shares were traded during trading, an increase of 141% from the average daily 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 ($0.80) price target on shares of ITM Power in a research note on Thursday, May 8th.

ITM Power Price Performance

The company has a market cap of £469.06 million, a price-to-earnings ratio of -17.22 and a beta of 2.03. The company has a 50-day simple moving average of GBX 37.44 and a 200-day simple moving average of GBX 34.85. The company has a debt-to-equity ratio of 4.73, a quick ratio of 7.56 and a current ratio of 4.17.

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.