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

ITM Power Plc (LON:ITM) rose 18.4% during mid-day trading on Friday . The company traded as high as GBX 75.20 ($1.02) and last traded at GBX 72.70 ($0.98). Approximately 13,991,459 shares were traded during trading, an increase of 203% from the average daily volume of 4,618,578 shares. The stock had previously closed at GBX 61.40 ($0.83).

Analysts Set New Price Targets

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

ITM Power Stock Performance

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 company has a market cap of £453.04 million, a PE ratio of -16.63 and a beta of 2.03. The stock’s 50 day simple moving average is GBX 39.05 and its two-hundred day simple moving average is GBX 35.28.

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.