ITM Power (LON:ITM) Trading Up 8.7% - What's Next?

Key Points

• ITM Power Plc shares increased by 8.7% on Monday, trading at GBX 65.04 ($0.86) after a high of GBX 68.20 ($0.91) during the day, indicating strong market activity with volume up 46% from the average.
• Research analysts are optimistic about ITM Power, with Berenberg Bank upgrading its rating to buy and raising the target price to GBX 100 ($1.33).
• The company has a market capitalization of £405.33 million and showcases significant growth potential, particularly in green hydrogen production through its electrolysis technology.

ITM Power Plc (LON:ITM - Get Free Report) was 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 changed 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 equities research analysts have weighed in on ITM shares. JPMorgan Chase & Co. reaffirmed 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 increased their target price for the stock from GBX 59 ($0.78) to GBX 100 ($1.33) in a research report on Friday.

ITM Power Price Performance

The company has a market capitalization of £405.33 million, a price-to-earnings ratio of -14.88 and a beta of 2.03. 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 business has a fifty day moving average price of GBX 72.78 and a 200 day moving average price of GBX 46.54.

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.

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