ITM Power (LON:ITM) Stock Price Up 14.1% – Here’s Why

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

Analyst Ratings Changes

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

ITM Power Stock Performance

The company has a quick ratio of 7.56, a current ratio of 4.17 and a debt-to-equity ratio of 4.73. The business has a 50 day moving average price of GBX 34.76 and a 200 day moving average price of GBX 34.07. The stock has a market cap of £353.96 million, a P/E ratio of -12.99 and a beta of 2.03.

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.