ITM Power (LON:ITM) Trading Down 9.8% – Should You Sell?

ITM Power Plc (LON:ITM)’s share price was down 9.8% during mid-day trading on Thursday . The stock traded as low as GBX 59.15 ($0.80) and last traded at GBX 61.40 ($0.83). Approximately 15,749,949 shares changed hands during trading, an increase of 247% from the average daily volume of 4,532,740 shares. The stock had previously closed at GBX 68.10 ($0.92).

Analyst Upgrades and Downgrades

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

ITM Power Trading Up 18.4%

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 50-day moving average is GBX 39.05 and its two-hundred day moving average is GBX 35.27. The firm has a market cap of £453.04 million, a P/E 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.