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

Key Points

• ITM Power's stock rose by 8.7% on Monday, closing at GBX 65.04 ($0.86) after reaching a high of GBX 68.20 ($0.91). Approximately 6.7 million shares were traded, significantly up from the daily average.
• Analysts have upgraded ITM Power's rating to a "buy" and increased the target price from GBX 59 ($0.78) to GBX 100 ($1.33), indicating strong market confidence.
• The company specializes in designing and manufacturing electrolysers for green hydrogen production, emphasizing its focus on sustainable energy solutions.

ITM Power Plc (LON:ITM - Get Free Report) shares were up 8.7% on Monday . The company traded as high as GBX 68.20 ($0.92) and last traded at GBX 65.04 ($0.87). Approximately 6,723,836 shares changed 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).

Wall Street Analyst Weigh In

ITM has been the topic of a number of research analyst reports. Berenberg Bank upgraded ITM Power to a "buy" rating and lifted their target price for the stock from GBX 59 ($0.79) to GBX 100 ($1.34) in a research report on Friday, August 1st. JPMorgan Chase & Co. reaffirmed a "neutral" rating on shares of ITM Power in a report on Monday, July 28th.

ITM Power Price Performance

The stock has a market cap 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 business's fifty day simple moving average is GBX 74.20 and its 200 day simple moving average is GBX 47.22.

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.