ITM Power (LON:ITM) Trading Up 9% - Here's Why

Key Points

• ITM Power Plc shares experienced a 9% increase during mid-day trading, reaching a last traded price of GBX 73.80 ($1.00).
• Berenberg Bank has reaffirmed a "buy" rating" for ITM shares with a target price of GBX 100 ($1.35), while JPMorgan Chase maintains a "neutral rating".
• ITM Power reported GBX (7.40) ($0.10) earnings per share for the quarter on August 14, 2023, reflecting a negative net margin of 164.90%.

ITM Power Plc (LON:ITM - Get Free Report) shares were up 9% during mid-day trading on Thursday . The company traded as high as GBX 77 ($1.04) and last traded at GBX 73.80 ($1.00). Approximately 11,383,650 shares traded hands during mid-day trading, an increase of 147% from the average daily volume of 4,611,828 shares. The stock had previously closed at GBX 67.70 ($0.92).

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on ITM shares. Berenberg Bank reaffirmed a "buy" rating and issued a GBX 100 ($1.35) target price on shares of ITM Power in a research report on Thursday. JPMorgan Chase & Co. reaffirmed a "neutral" rating on shares of ITM Power in a research report on Monday, July 28th.

ITM Power Stock Up 9.0%

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 firm has a market capitalization of £459.90 million, a P/E ratio of -16.88 and a beta of 2.03. The stock has a fifty day moving average price of GBX 74.14 and a two-hundred day moving average price of GBX 48.31.

ITM Power (LON:ITM - Get Free Report) last issued its quarterly earnings results on Thursday, August 14th. The company reported GBX (7.40) (($0.10)) earnings per share for the quarter. ITM Power had a negative net margin of 164.90% and a negative return on equity of 9.97%. Research analysts forecast that ITM Power Plc will post -8.9214682 EPS for the current year.

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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