ITM Power (LON:ITM) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

ITM Power (LON:ITM) had its price target raised by equities researchers at JPMorgan Chase & Co. from GBX 60 to GBX 80 in a research note issued on Wednesday,Digital Look reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential downside of 23.85% from the company’s current price.

Other equities research analysts also recently issued reports about the company. Berenberg Bank boosted their target price on ITM Power from GBX 100 to GBX 110 and gave the stock a “buy” rating in a report on Tuesday, April 14th. Jefferies Financial Group upgraded ITM Power to a “buy” rating and raised their price target for the company from £115 to £200 in a report on Thursday, May 7th. 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 MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of GBX 5,062.50.

ITM Power Stock Up 0.4%

ITM stock opened at GBX 105.06 on Wednesday. ITM Power has a twelve month low of GBX 57.90 and a twelve month high of GBX 219.80. The company has a quick ratio of 7.56, a current ratio of 2.62 and a debt-to-equity ratio of 6.99. The firm has a market cap of £725.13 million, a PE ratio of -21.01 and a beta of 2.89. The business has a 50 day moving average of GBX 127.42 and a 200 day moving average of GBX 103.86.

Insiders Place Their Bets

In related news, insider Warren East bought 172,000 shares of the company’s stock in a transaction that occurred on Monday, June 29th. The shares were bought at an average price of GBX 115 per share, for a total transaction of £197,800. Insiders have purchased a total of 172,565 shares of company stock worth $19,854,853 in the last 90 days. 7.89% of the stock is owned by corporate insiders.

About ITM Power

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.