ITM Power (LON:ITM) Shares Up 12.8% – Time to Buy?

Shares of ITM Power Plc (LON:ITM) rose 12.8% on Thursday . The company traded as high as GBX 39.92 ($0.49) and last traded at GBX 39.54 ($0.49). Approximately 4,975,889 shares were traded during trading, an increase of 86% from the average daily volume of 2,669,707 shares. The stock had previously closed at GBX 35.04 ($0.43).

Analyst Upgrades and Downgrades

A number of research firms have recently commented on ITM. Berenberg Bank restated a “hold” rating and issued a GBX 59 ($0.73) target price on shares of ITM Power in a research note on Thursday, December 5th. Jefferies Financial Group restated a “buy” rating and set a GBX 60 ($0.74) target price on shares of ITM Power in a report on Friday, December 6th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a GBX 70 ($0.87) price target on shares of ITM Power in a research note on Friday, December 6th.

ITM Power Stock Up 2.1 %

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 has a 50 day simple moving average of GBX 35.70 and a 200-day simple moving average of GBX 43.36. The firm has a market cap of £223.81 million, a PE ratio of -907.30 and a beta of 2.03.

ITM Power (LON:ITM) last announced its quarterly 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%. Sell-side analysts predict that ITM Power Plc will post -8.9214682 EPS for the current fiscal year.

Insider Activity

In other ITM Power news, insider Simon Bourne purchased 792 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The stock was purchased at an average price of GBX 38 ($0.47) per share, for a total transaction of £300.96 ($372.98). Insiders have bought a total of 1,605 shares of company stock worth $60,177 over the last 90 days. 48.26% of the stock is currently owned by insiders.

ITM Power Company Profile

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.