ITM Power (LON:ITM) Shares Up 18.4% – Here’s What Happened

ITM Power Plc (LON:ITM)’s stock price shot 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 were traded during mid-day 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).

Analyst Upgrades and Downgrades

Separately, Berenberg Bank restated a “hold” rating and set a GBX 59 ($0.80) price objective on shares of ITM Power in a research report on Thursday, May 8th.

ITM Power Stock Performance

The company has a 50-day simple moving average of GBX 39.05 and a two-hundred day simple moving average of GBX 35.29. 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 firm has a market cap of £453.04 million, a PE ratio of -16.63 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.