ITM Power (LON:ITM) Trading Up 12.7% – Here’s What Happened

Shares of ITM Power Plc (LON:ITM) were up 12.7% on Thursday . The company traded as high as GBX 151.30 and last traded at GBX 146. Approximately 12,854,918 shares were traded during mid-day trading, an increase of 150% from the average daily volume of 5,140,986 shares. The stock had previously closed at GBX 129.60.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on ITM shares. Berenberg Bank increased their price target 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 reissued a “neutral” rating and issued a GBX 60 price target on shares of ITM Power in a research note on Friday, January 16th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of GBX 95.

ITM Power Stock Performance

The company has a debt-to-equity ratio of 6.99, a quick ratio of 7.56 and a current ratio of 2.62. The stock’s 50-day moving average is GBX 81.44 and its 200 day moving average is GBX 73.77. The firm has a market cap of £1.00 billion, a P/E ratio of -32.48 and a beta of 2.03.

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

ITM Power Company Profile

ITM Power designs and manufactures industrial-scale electrolysers for green hydrogen production. Its proprietary PEM technology, vertically integrated manufacturing, and in-house engineering capabilities enable it to supply standardised, high-performance hydrogen plants.

With a proven track record in large-scale projects, ITM Power helps leading industrial and energy companies achieve their decarbonisation goals. In addition to its equipment offering, the company provides reliable and cost-competitive hydrogen supply through its build, own and operate (BOO) model, Hydropulse.

Headquartered in the UK, ITM Power is listed on the London Stock Exchange AIM (LSE: ITM) and holds the Green Economy Mark, which recognises companies that generate over 50% of their revenues from green products and services.