ITM Power (LON:ITM) Stock Price Down 11% – Here’s What Happened

ITM Power Plc (LON:ITM)’s stock price dropped 11% on Wednesday . The company traded as low as GBX 57.10 ($0.76) and last traded at GBX 58.20 ($0.78). Approximately 13,131,366 shares changed hands during trading, an increase of 184% from the average daily volume of 4,624,681 shares. The stock had previously closed at GBX 65.40 ($0.87).

Wall Street Analysts Forecast Growth

ITM has been the topic of a number of recent analyst reports. Berenberg Bank reaffirmed a “hold” rating and set a GBX 59 ($0.79) price target on shares of ITM Power in a research note on Thursday, May 8th. JPMorgan Chase & Co. reissued a “neutral” rating on shares of ITM Power in a research note on Monday.

ITM Power Stock Performance

The stock’s 50 day moving average price is GBX 72 and its 200 day moving average price is GBX 45.97. The company has a current ratio of 4.17, a quick ratio of 7.56 and a debt-to-equity ratio of 4.73. The firm has a market cap of £358.94 million, a PE ratio of -13.18 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.