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

Key Points

• ITM Power's stock price increased by 8.7%, reaching a last traded price of GBX 65.04 ($0.86), with trading volume up 46% from its average.
• Analysts from Berenberg Bank upgraded ITM Power to a "buy" rating, raising the price target from GBX 59 to GBX 100, indicating positive growth expectations.
• The company has a market cap of £412.82 million and operates with a high debt-to-equity ratio of 4.73, highlighting its financial leverage situation.

Shares of ITM Power Plc (LON:ITM - Get Free Report) 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).

Wall Street Analysts Forecast Growth

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

ITM Power Trading Down 1.9%

The stock has a market cap of £412.82 million, a PE ratio of -15.15 and a beta of 2.03. The firm has a 50-day simple moving average of GBX 73.16 and a 200-day simple 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.

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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