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

Key Points

• ITM Power's stock increased by 8.7% on Tuesday, trading at a high of GBX 68.20 ($0.91) amidst a significant surge in trading volume.
• JPMorgan Chase maintained a "neutral" rating, while Berenberg Bank upgraded ITM Power to a "buy" rating with a new target price of GBX 100 ($1.33).
• ITM Power specializes in producing green hydrogen using renewable energy, with a market capitalization of £411.91 million and notable financial ratios indicating a strong liquidity position.

ITM Power Plc (LON:ITM - Get Free Report)'s share price shot up 8.7% on Tuesday . The stock traded as high as GBX 68.20 ($0.92) and last traded at GBX 65.04 ($0.87). 6,723,836 shares changed hands during 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).

Analyst Ratings Changes

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

ITM Power Stock Down 2.4%

The company's fifty day moving average price is GBX 74.35 and its 200-day moving average price is GBX 47.42. The stock has a market capitalization of £402.56 million, a PE ratio of -14.78 and a beta of 2.03. The company has a quick ratio of 7.56, a current ratio of 4.17 and a debt-to-equity ratio of 4.73.

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.