ITM Power (LON:ITM) Trading Up 19.7% - Here's Why

ITM Power Plc (LON:ITM - Get Free Report) traded up 19.7% on Monday . The company traded as high as GBX 42.85 ($0.57) and last traded at GBX 42.85 ($0.57). 10,742,647 shares changed hands during trading, an increase of 175% from the average session volume of 3,907,366 shares. The stock had previously closed at GBX 35.80 ($0.47).

Analyst Ratings Changes

Separately, Berenberg Bank reissued a "hold" rating and set a GBX 59 ($0.78) price objective on shares of ITM Power in a research note on Thursday, May 8th.

ITM Power Price 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 cap of £266.71 million, a PE ratio of -9.79 and a beta of 2.03. The stock has a 50-day simple moving average of GBX 29.98 and a 200 day simple moving average of GBX 33.57.

Insider Activity at ITM Power

In related news, insider Amy Grey purchased 102,455 shares of the business's stock in a transaction on Friday, February 28th. The shares were bought at an average price of GBX 29 ($0.38) per share, for a total transaction of £29,711.95 ($39,416.22). In the last 90 days, insiders have bought 103,937 shares of company stock worth $3,016,249. 48.26% of the stock is currently owned by company insiders.

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.