ITM Power (LON:ITM) Shares Up 18.4% – Here’s Why

ITM Power Plc (LON:ITM)’s share price shot up 18.4% during mid-day trading on Friday . The stock 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).

Analyst Upgrades and Downgrades

Separately, Berenberg Bank reissued a “hold” rating and issued a GBX 59 ($0.80) target price on shares of ITM Power in a report on Thursday, May 8th.

ITM Power Stock Up 18.4%

The company’s fifty day moving average is GBX 39.05 and its 200-day moving average is GBX 35.28. The company has a market capitalization of £453.04 million, a PE ratio of -16.63 and a beta of 2.03. The company has a debt-to-equity ratio of 4.73, a quick ratio of 7.56 and a current ratio of 4.17.

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.