ITM Power (LON:ITM) Stock Price Down 6.3% – Should You Sell?

ITM Power Plc (LON:ITM) shares dropped 6.3% during mid-day trading on Friday . The stock traded as low as GBX 73 ($0.99) and last traded at GBX 73.20 ($0.99). Approximately 4,206,881 shares traded hands during mid-day trading, a decline of 10% from the average daily volume of 4,699,091 shares. The stock had previously closed at GBX 78.10 ($1.06).

Analyst Ratings Changes

Separately, Berenberg Bank reiterated a “hold” rating and issued a GBX 59 ($0.80) price target on shares of ITM Power in a research note on Thursday, May 8th.

ITM Power Stock Performance

The company has a market capitalization of £452.42 million, a PE ratio of -16.61 and a beta of 2.03. The company has a current ratio of 4.17, a quick ratio of 7.56 and a debt-to-equity ratio of 4.73. The business’s fifty day moving average is GBX 43.91 and its two-hundred day moving average is GBX 36.73.

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.