ITM Power (LON:ITM) Trading 18.4% Higher – Here’s Why

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 changed hands during 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 set a GBX 59 ($0.80) target price on shares of ITM Power in a research note on Thursday, May 8th.

ITM Power Stock Up 18.4%

The business’s fifty day moving average price is GBX 39.05 and its 200 day moving average price is GBX 35.27. 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 £453.04 million, a PE ratio of -16.63 and a beta of 2.03.

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.