ITM Power (LON:ITM) Stock Price Up 15% – What’s Next?

Shares of ITM Power Plc (LON:ITM) rose 15% during mid-day trading on Monday . The company traded as high as GBX 83.60 ($1.13) and last traded at GBX 83.60 ($1.13). Approximately 9,977,290 shares changed hands during mid-day trading, an increase of 114% from the average daily volume of 4,667,740 shares. The stock had previously closed at GBX 72.70 ($0.99).

Wall Street Analysts Forecast Growth

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

ITM Power Stock Performance

The stock has a market capitalization of £520.97 million, a PE ratio of -19.12 and a beta of 2.03. 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 50 day moving average price of GBX 39.05 and a 200-day moving average price of GBX 35.29.

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.