ITM Power (LON:ITM) Shares Up 8.7% - Here's What Happened

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) shares traded up 8.7% during trading on Tuesday . The company 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).

Wall Street Analysts Forecast Growth

ITM has been the subject of several analyst reports. Berenberg Bank raised ITM Power to a "buy" rating and increased their price objective for the stock from GBX 59 ($0.79) to GBX 100 ($1.34) in a research note on Friday, August 1st. JPMorgan Chase & Co. reissued a "neutral" rating on shares of ITM Power in a research report on Monday, July 28th.

ITM Power Trading Down 1.2%

The company has a debt-to-equity ratio of 4.73, a current ratio of 4.17 and a quick ratio of 7.56. The firm's fifty day moving average is GBX 74.20 and its two-hundred day moving average is GBX 47.22. The firm has a market capitalization of £412.54 million, a PE ratio of -15.14 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.