ITM Power (LON:ITM) Stock Price Up 18.4% – Here’s What Happened

Shares of ITM Power Plc (LON:ITM) traded up 18.4% during trading on Saturday . The company traded as high as GBX 75.20 ($1.02) and last traded at GBX 72.70 ($0.98). 13,991,459 shares were traded during mid-day trading, an increase of 203% from the average session volume of 4,618,578 shares. The stock had previously closed at GBX 61.40 ($0.83).

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank reiterated 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 Price Performance

The business’s 50 day moving average price is GBX 39.05 and its 200 day moving average price is GBX 35.27. The stock has a market capitalization of £453.04 million, a P/E ratio of -16.63 and a beta of 2.03. The company has a debt-to-equity ratio of 4.73, a current ratio of 4.17 and a quick ratio of 7.56.

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.