ITM Power (LON:ITM) Trading 8.7% Higher - 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)'s share price shot up 8.7% during trading on Monday . 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).

Analyst Ratings Changes

A number of brokerages have commented on ITM. Berenberg Bank upgraded shares of ITM Power to a "buy" rating and upped their price objective for the stock from GBX 59 ($0.79) to GBX 100 ($1.34) in a research report on Friday, August 1st. JPMorgan Chase & Co. reiterated a "neutral" rating on shares of ITM Power in a report on Monday, July 28th.

ITM Power Price Performance

The company has a debt-to-equity ratio of 4.73, a quick ratio of 7.56 and a current ratio of 4.17. The company's fifty day simple moving average is GBX 74.20 and its two-hundred day simple moving average is GBX 47.22. The stock has a market capitalization of £402.56 million, a PE ratio of -14.78 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.