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

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)'s stock price was up 8.7% on Monday . The company traded as high as GBX 68.20 ($0.91) and last traded at GBX 65.04 ($0.86). Approximately 6,723,836 shares were traded 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 analysts recently commented on the company. Berenberg Bank raised ITM Power to a "buy" rating and raised their target price for the stock from GBX 59 ($0.78) to GBX 100 ($1.33) in a report on Friday. JPMorgan Chase & Co. reissued a "neutral" rating on shares of ITM Power in a research note on Monday, July 28th.

ITM Power Stock Up 8.7%

The business has a fifty day moving average of GBX 73.16 and a 200 day moving average of GBX 46.74. The company has a current ratio of 4.17, a quick ratio of 7.56 and a debt-to-equity ratio of 4.73. The company has a market capitalization of £405.33 million, a PE ratio of -14.88 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.

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