ITM Power (LON:ITM) Hits New 1-Year High – Here’s Why

Shares of ITM Power Plc (LON:ITM) reached a new 52-week high on Tuesday . The company traded as high as GBX 185.50 and last traded at GBX 185.03, with a volume of 3243004 shares. The stock had previously closed at GBX 170.20.

Analyst Upgrades and Downgrades

ITM has been the subject of several recent research reports. Berenberg Bank boosted their price target on ITM Power from GBX 100 to GBX 110 and gave the company a “buy” rating in a research note on Tuesday, April 14th. Jefferies Financial Group upgraded ITM Power to a “buy” rating and boosted their price target for the company from £115 to £200 in a research note on Thursday, May 7th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, ITM Power presently has an average rating of “Moderate Buy” and a consensus price target of GBX 6,723.33.

ITM Power Price Performance

The company has a 50 day moving average of GBX 111.57 and a 200-day moving average of GBX 82.43. The firm has a market capitalization of £1.27 billion, a P/E ratio of -36.94 and a beta of 2.76. The company has a current ratio of 2.62, a quick ratio of 7.56 and a debt-to-equity ratio of 6.99.

About ITM Power

ITM Power designs and manufactures industrial-scale electrolysers for green hydrogen production. Its proprietary PEM technology, vertically integrated manufacturing, and in-house engineering capabilities enable it to supply standardised, high-performance hydrogen plants.

With a proven track record in large-scale projects, ITM Power helps leading industrial and energy companies achieve their decarbonisation goals. In addition to its equipment offering, the company provides reliable and cost-competitive hydrogen supply through its build, own and operate (BOO) model, Hydropulse.

Headquartered in the UK, ITM Power is listed on the London Stock Exchange AIM (LSE: ITM) and holds the Green Economy Mark, which recognises companies that generate over 50% of their revenues from green products and services.