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ITM Power (LON:ITM) Stock Price Up 8.7% - Should You Buy?

ITM Power logo with Industrials background

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.
  • Want stock alerts on ITM Power? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Shares of ITM Power Plc (LON:ITM - Get Free Report) shot up 8.7% during mid-day trading on Monday . The stock traded as high as GBX 68.20 ($0.92) and last traded at GBX 65.04 ($0.87). 6,723,836 shares were traded during mid-day trading, an increase of 46% from the average session volume of 4,617,773 shares. The stock had previously closed at GBX 59.82 ($0.80).

Analysts Set New Price Targets

Several research firms recently issued reports on ITM. Berenberg Bank upgraded ITM Power to a "buy" rating and boosted their price objective for the company from GBX 59 ($0.79) to GBX 100 ($1.34) in a report on Friday, August 1st. JPMorgan Chase & Co. reissued a "neutral" rating on shares of ITM Power in a research note on Monday, July 28th.

Get Our Latest Report on ITM Power

ITM Power Price Performance

The stock has a market capitalization of £402.56 million, a price-to-earnings ratio of -14.78 and a beta of 2.03. 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 50 day moving average of GBX 74.35 and a 200 day moving average of GBX 47.42.

About ITM Power

(Get Free Report)

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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