ITM Power (LON:ITM) Stock Price Up 15.3% – Should You Buy?

Shares of ITM Power Plc (LON:ITM) traded up 15.3% during mid-day trading on Tuesday . The company traded as high as GBX 136.30 and last traded at GBX 131.90. Approximately 6,707,959 shares traded hands during mid-day trading, a decline of 13% from the average daily volume of 7,674,653 shares. The stock had previously closed at GBX 114.40.

Analyst Upgrades and Downgrades

ITM has been the subject of several recent analyst reports. Jefferies Financial Group upgraded ITM Power to a “buy” rating and boosted their target price for the stock from £115 to £200 in a research report on Thursday, May 7th. Berenberg Bank raised their price target on ITM Power from GBX 100 to GBX 110 and gave the company a “buy” rating in a report on Tuesday, April 14th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, ITM Power currently has a consensus rating of “Moderate Buy” and an average price target of GBX 6,723.33.

ITM Power Stock Down 3.7%

The stock has a 50 day moving average price of GBX 150.33 and a 200-day moving average price of GBX 96.06. The stock has a market capitalization of £878.63 million, a P/E ratio of -25.46 and a beta of 2.84. The company has a debt-to-equity ratio of 6.99, a current ratio of 2.62 and a quick ratio of 7.56.

Insider Buying and Selling at ITM Power

In other ITM Power news, insider Warren East acquired 172,000 shares of the company’s stock in a transaction on Monday, June 29th. The stock was acquired at an average price of GBX 115 per share, for a total transaction of £197,800. Insiders have bought 172,297 shares of company stock worth $19,824,837 in the last ninety days. Corporate insiders own 7.86% of the company’s stock.

ITM Power Company Profile

ITM Power designs and manufactures industrial-scale electrolysers for green hydrogen production. Its proprietary PEM technology, vertically integrated manufacturing, and in-house engineering capabilities enable it to supply standardised, high-performance hydrogen plants.

With a proven track record in large-scale projects, ITM Power helps leading industrial and energy companies achieve their decarbonisation goals. In addition to its equipment offering, the company provides reliable and cost-competitive hydrogen supply through its build, own and operate (BOO) model, Hydropulse.

Headquartered in the UK, ITM Power is listed on the London Stock Exchange AIM (LSE: ITM) and holds the Green Economy Mark, which recognises companies that generate over 50% of their revenues from green products and services.