ITM Power (LON:ITM) Trading Up 9.8% - Here's What Happened

Key Points

• Shares of ITM Power jumped 9.8% to GBX 156.59 on Friday (intraday high GBX 157.80) with volume of about 6.84 million shares, roughly 46% above the recent daily average.
• Analyst coverage is mixed: Berenberg raised its target to GBX 110 and rated the stock "buy," UBS remains "neutral" at GBX 60, and the consensus is a Moderate Buy with an average target of GBX 95.
• Despite the rally, ITM Power is unprofitable—quarterly EPS GBX -2.30, net margin -108%, and analysts forecast roughly -8.92 EPS for the year—while its market cap is about £963.7 million.

ITM Power Plc (LON:ITM - Get Free Report)'s share price was up 9.8% on Friday . The stock traded as high as GBX 157.80 and last traded at GBX 156.59. Approximately 6,838,101 shares traded hands during mid-day trading, an increase of 46% from the average daily volume of 4,696,402 shares. The stock had previously closed at GBX 142.60.

Wall Street Analyst Weigh In

ITM has been the topic of a number of recent research reports. Berenberg Bank raised their price objective on ITM Power from GBX 100 to GBX 110 and gave the company a "buy" rating in a research note on Tuesday, April 14th. UBS Group restated a "neutral" rating and set a GBX 60 target price on shares of ITM Power in a report on Friday, January 16th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of GBX 95.

ITM Power Price Performance

The business has a 50-day simple moving average of GBX 73.16 and a 200 day simple moving average of GBX 71.66. The firm has a market cap of £963.69 million, a P/E ratio of -31.28 and a beta of 2.03. The company has a debt-to-equity ratio of 6.99, a quick ratio of 7.56 and a current ratio of 2.62.

ITM Power (LON:ITM - Get Free Report) last released its quarterly earnings data on Thursday, January 29th. The company reported GBX (2.30) earnings per share for the quarter. ITM Power had a negative return on equity of 14.17% and a negative net margin of 108.00%. On average, analysts anticipate that ITM Power Plc will post -8.9214682 earnings per share for the current fiscal 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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