ITM Power (LON:ITM) Shares Up 9.6% – What’s Next?

ITM Power Plc (LON:ITM) traded up 9.6% during trading on Thursday . The stock traded as high as GBX 38.52 ($0.48) and last traded at GBX 38.40 ($0.48). 2,166,149 shares were traded during mid-day trading, a decline of 15% from the average session volume of 2,535,910 shares. The stock had previously closed at GBX 35.04 ($0.44).

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Jefferies Financial Group reissued a “buy” rating and issued a GBX 60 ($0.75) price target on shares of ITM Power in a research note on Friday, December 6th. Berenberg Bank reissued a “hold” rating and issued a GBX 59 ($0.73) price target on shares of ITM Power in a research note on Thursday, December 5th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a GBX 70 ($0.87) price target on shares of ITM Power in a research note on Friday, December 6th.

ITM Power Trading Up 11.4 %

The company has a fifty day moving average of GBX 35.60 and a two-hundred day moving average of GBX 43.58. 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 stock has a market capitalization of £240.63 million, a price-to-earnings ratio of -975.50 and a beta of 2.03.

Insider Buying and Selling

In related news, insider Simon Bourne bought 792 shares of ITM Power stock in a transaction that occurred on Wednesday, January 15th. The stock was purchased at an average cost of GBX 38 ($0.47) per share, for a total transaction of £300.96 ($374.70). In the last ninety days, insiders purchased 1,605 shares of company stock worth $60,177. 48.26% of the stock is currently owned by insiders.

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.