ITM Power (LON:ITM) Shares Up 22.7% - Here's Why

Shares of ITM Power Plc (LON:ITM - Get Free Report) were up 22.7% during mid-day trading on Tuesday . The stock traded as high as GBX 79.70 ($1.08) and last traded at GBX 78.30 ($1.06). Approximately 15,714,211 shares traded hands during trading, an increase of 283% from the average daily volume of 4,104,912 shares. The stock had previously closed at GBX 63.80 ($0.87).

Wall Street Analysts Forecast Growth

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 Stock Performance

The company's 50 day moving average price is GBX 37.44 and its 200-day moving average price is 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. The company has a market cap of £382.62 million, a PE ratio of -14.05 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.