ITM Power (LON:ITM) Shares Up 18.4% – Should You Buy?

ITM Power Plc (LON:ITM)’s share price traded up 18.4% during mid-day trading on Saturday . The stock traded as high as GBX 75.20 ($1.02) and last traded at GBX 72.70 ($0.98). 13,991,459 shares changed hands during trading, an increase of 203% from the average session 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 Price Performance

The company has a debt-to-equity ratio of 4.73, a quick ratio of 7.56 and a current ratio of 4.17. The firm has a fifty day simple moving average of GBX 39.05 and a two-hundred day simple moving average of GBX 35.29. The firm has a market cap of £485.23 million, a PE ratio of -17.81 and a beta of 2.03.

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.