ITM Power (LON:ITM) Shares Up 14.1% – Time to Buy?

ITM Power Plc (LON:ITM)’s share price traded up 14.1% during mid-day trading on Saturday . The stock traded as high as GBX 58.50 ($0.79) and last traded at GBX 56.80 ($0.76). 9,401,504 shares were traded during mid-day trading, an increase of 141% from the average session volume of 3,905,325 shares. The stock had previously closed at GBX 49.80 ($0.67).

Wall Street Analyst Weigh In

Separately, Berenberg Bank reiterated a “hold” rating and issued a GBX 59 ($0.79) price objective on shares of ITM Power in a research report on Thursday, May 8th.

ITM Power Stock Up 14.1%

The firm has a market capitalization of £353.96 million, a P/E ratio of -12.99 and a beta of 2.03. 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’s 50-day moving average is GBX 34.76 and its 200 day moving average is GBX 34.07.

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.