ITM Power (LON:ITM) Trading Up 12.8% – Time to Buy?

ITM Power Plc (LON:ITMGet Free Report)’s share price was up 12.8% on Thursday . The company traded as high as GBX 39.92 ($0.50) and last traded at GBX 39.54 ($0.49). Approximately 4,975,889 shares changed hands during trading, an increase of 86% from the average daily volume of 2,669,707 shares. The stock had previously closed at GBX 35.04 ($0.44).

Analysts Set New Price Targets

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

View Our Latest Stock Analysis on ITM Power

ITM Power Trading Up 13.0 %

The company has a quick ratio of 7.56, a current ratio of 4.17 and a debt-to-equity ratio of 4.73. The firm has a market capitalization of £244.17 million, a P/E ratio of -989.88 and a beta of 2.03. The firm’s 50-day simple moving average is GBX 35.60 and its 200-day simple moving average is GBX 43.58.

Insider Transactions at ITM Power

In other news, insider Simon Bourne bought 792 shares of the business’s stock in a transaction on Wednesday, January 15th. The stock was acquired at an average price of GBX 38 ($0.47) per share, with a total value of £300.96 ($374.70). In the last ninety days, insiders purchased 1,605 shares of company stock valued at $60,177. Insiders own 48.26% of the company’s stock.

ITM Power Company Profile

(Get Free Report)

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.

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