ITM Power (LON:ITM) Trading Up 8.7% - Here's What Happened

Key Points

• ITM Power's shares rose by 8.7% on Monday, reaching a last traded price of GBX 65.04 ($0.86), following a volume increase of 46% over the average daily trading.
• Berenberg Bank upgraded ITM Power to a "buy" rating and increased its price target from GBX 59 ($0.78) to GBX 100 ($1.33).
• The company has a market capitalization of £412.82 million and highlights strong financial ratios, including a quick ratio of 7.56 and a current ratio of 4.17.

ITM Power Plc (LON:ITM - Get Free Report) shares were up 8.7% on Monday . The stock traded as high as GBX 68.20 ($0.91) and last traded at GBX 65.04 ($0.86). Approximately 6,723,836 shares traded hands during mid-day trading, an increase of 46% from the average daily volume of 4,617,773 shares. The stock had previously closed at GBX 59.82 ($0.80).

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on ITM shares. Berenberg Bank raised ITM Power to a "buy" rating and increased their price objective for the company from GBX 59 ($0.78) to GBX 100 ($1.33) in a research report on Friday. JPMorgan Chase & Co. reissued a "neutral" rating on shares of ITM Power in a research report on Monday, July 28th.

ITM Power Price Performance

The stock has a fifty day moving average of GBX 73.16 and a 200-day moving average of GBX 46.74. 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 firm has a market capitalization of £412.82 million, a P/E ratio of -15.15 and a beta of 2.03.

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.

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