ITM Power (LON:ITM) Shares Climb 2.9% – What’s Next?

ITM Power Plc (LON:ITM)’s share price shot up 2.9% during trading on Wednesday. The company traded as high as GBX 77 and last traded at GBX 74.90. 2,564,928 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 5,784,281 shares. The stock had previously closed at GBX 72.80.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on ITM shares. Peel Hunt reaffirmed a “hold” rating and set a GBX 92 target price on shares of ITM Power in a research report on Thursday, October 8th. Berenberg Bank restated a “buy” rating and set a GBX 200 price target on shares of ITM Power in a research note on Monday, October 12th. Finally, JPMorgan Chase & Co. upped their price objective on shares of ITM Power from GBX 60 to GBX 80 and gave the stock a “neutral” rating in a report on Wednesday, August 5th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of GBX 4,086.40.

ITM Power Stock Performance

The company has a debt-to-equity ratio of 5.87, a current ratio of 2.73 and a quick ratio of 7.56. The company has a market cap of £516.96 million, a PE ratio of -18.73 and a beta of 2.82. The company’s fifty day moving average price is GBX 92.15 and its 200 day moving average price is GBX 102.46.

ITM Power (LON:ITM) last announced its earnings results on Monday, October 19th. The company reported GBX (4) earnings per share for the quarter. ITM Power had a negative return on equity of 11.09% and a negative net margin of 57.26%. On average, equities research analysts predict that ITM Power Plc will post -8.92 earnings per share for the current year.

Insider Buying and Selling

In related news, insider John Howarth bought 23,072 shares of the company’s stock in a transaction on Tuesday, October 20th. The shares were purchased at an average cost of GBX 87 per share, for a total transaction of £20,072.64. Insiders have bought a total of 23,697 shares of company stock valued at $2,067,449 over the last 90 days. Insiders own 7.96% of the company’s stock.

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.