ITM Power (LON:ITM) Stock Price Up 12.3% – Time to Buy?

ITM Power Plc (LON:ITM)’s share price rose 12.3% during mid-day trading on Tuesday . The stock traded as high as GBX 67.90 ($0.92) and last traded at GBX 63.80 ($0.86). Approximately 13,053,060 shares traded hands during mid-day trading, an increase of 227% from the average daily volume of 3,993,284 shares. The stock had previously closed at GBX 56.80 ($0.77).

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank reaffirmed a “hold” rating and issued a GBX 59 ($0.80) price target on shares of ITM Power in a research note on Thursday, May 8th.

ITM Power Stock Up 11.2%

The company has a market cap of £442.29 million, a PE ratio of -16.24 and a beta of 2.03. The company’s 50 day moving average is GBX 35.46 and its 200 day moving average is GBX 34.27. The company has a current ratio of 4.17, a quick ratio of 7.56 and a debt-to-equity ratio of 4.73.

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.