ITM Power (LON:ITM) Trading Up 8.7% - Time to Buy?

Key Points

• ITM Power shares surged 8.7% on Monday, reaching a high of GBX 68.20 before settling at GBX 65.04, with trading volume significantly up at 6.7 million shares.
• Berenberg Bank upgraded ITM Power to a "buy" rating and increased its price target to GBX 100, while JPMorgan maintained a "neutral" stance.
• The company has strong financial ratios, including a current ratio of 4.17 and a quick ratio of 7.56, indicating robust liquidity.

ITM Power Plc (LON:ITM - Get Free Report) shares traded 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). 6,723,836 shares changed hands 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).

Wall Street Analyst Weigh In

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

ITM Power Stock Performance

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. The firm's 50-day simple moving average is GBX 72.78 and its 200-day simple moving average is GBX 46.54.

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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