ITM Power (LON:ITM) Trading Down 6.3% – Time to Sell?

ITM Power Plc (LON:ITM)’s share price fell 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). 4,206,881 shares were traded during mid-day trading, a decline of 10% from the average session volume of 4,699,091 shares. The stock had previously closed at GBX 78.10 ($1.06).

Analyst Upgrades and Downgrades

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

ITM Power Price Performance

The stock has a 50-day moving average of GBX 43.91 and a two-hundred day moving average of GBX 36.73. The firm has a market cap of £452.42 million, a price-to-earnings 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.

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.