ITM Power (LON:ITM) Trading Up 9.6% – What’s Next?

ITM Power Plc (LON:ITM)’s stock price traded up 9.6% on Thursday . The company traded as high as GBX 38.52 ($0.48) and last traded at GBX 38.40 ($0.48). 2,166,149 shares were traded during mid-day trading, a decline of 15% from the average session volume of 2,535,910 shares. The stock had previously closed at GBX 35.04 ($0.43).

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ITM. Royal Bank of Canada reissued an “outperform” rating and set a GBX 70 ($0.87) target price on shares of ITM Power in a report on Friday, December 6th. Jefferies Financial Group reissued a “buy” rating and issued a GBX 60 ($0.74) price objective on shares of ITM Power in a report on Friday, December 6th. Finally, Berenberg Bank reaffirmed a “hold” rating and set a GBX 59 ($0.73) target price on shares of ITM Power in a report on Thursday, December 5th.

ITM Power Price Performance

The stock has a market capitalization of £223.81 million, a PE ratio of -907.30 and a beta of 2.03. The company has a debt-to-equity ratio of 4.73, a current ratio of 4.17 and a quick ratio of 7.56. The stock’s fifty day moving average is GBX 35.70 and its 200-day moving average is GBX 43.36.

ITM Power (LON:ITM) last posted its earnings results on Friday, January 31st. The company reported GBX (4.70) (($0.06)) earnings per share (EPS) for the quarter. ITM Power had a negative return on equity of 9.65% and a negative net margin of 164.90%. As a group, equities analysts predict that ITM Power Plc will post -8.9214682 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Simon Bourne acquired 792 shares of ITM Power stock in a transaction on Wednesday, January 15th. The stock was bought at an average cost of GBX 38 ($0.47) per share, for a total transaction of £300.96 ($372.98). Over the last 90 days, insiders have acquired 1,605 shares of company stock worth $60,177. 48.26% of the stock is owned by corporate insiders.

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.