ITM Power (LON:ITM) Stock Price Up 12.2% – Should You Buy?

Shares of ITM Power Plc (LON:ITM) shot up 12.2% during mid-day trading on Wednesday . The stock traded as high as GBX 67.20 and last traded at GBX 67.20. 3,327,986 shares changed hands during mid-day trading, an increase of 18% from the average session volume of 2,819,473 shares. The stock had previously closed at GBX 59.90.

Wall Street Analyst Weigh In

Several research firms have weighed in on ITM. UBS Group restated a “neutral” rating and set a GBX 60 target price on shares of ITM Power in a report on Friday, January 16th. Berenberg Bank reissued a “buy” rating and issued a GBX 100 price objective on shares of ITM Power in a research note on Thursday, January 29th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, ITM Power currently has a consensus rating of “Moderate Buy” and a consensus target price of GBX 91.67.

ITM Power Stock Performance

The firm has a market cap of £384.93 million, a price-to-earnings ratio of -12.49 and a beta of 2.28. The firm’s 50 day moving average price is GBX 64.05 and its 200-day moving average price is GBX 69.64. The company has a debt-to-equity ratio of 6.99, a current ratio of 2.62 and a quick ratio of 7.56.

ITM Power (LON:ITM) last issued its quarterly earnings results on Thursday, January 29th. The company reported GBX (2.30) earnings per share for the quarter. ITM Power had a negative net margin of 108.00% and a negative return on equity of 14.17%. On average, analysts anticipate that ITM Power Plc will post -8.9214682 earnings per share for the current year.

Insider Transactions at ITM Power

In other news, insider Dennis Schulz acquired 466 shares of the firm’s stock in a transaction dated Tuesday, December 16th. The shares were bought at an average price of GBX 64 per share, with a total value of £298.24. Also, insider Simon Bourne acquired 466 shares of the stock in a transaction dated Tuesday, December 16th. The shares were purchased at an average price of GBX 64 per share, for a total transaction of £298.24. Over the last three months, insiders have purchased 1,868 shares of company stock worth $119,496. 8.73% of the stock is owned by company insiders.

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.