ITM Power (LON:ITM) Shares Down 7.7% – Here’s What Happened

ITM Power Plc (LON:ITM) shares were down 7.7% during mid-day trading on Thursday . The company traded as low as GBX 159.80 and last traded at GBX 161.84. Approximately 6,527,476 shares traded hands during trading, an increase of 5% from the average daily volume of 6,208,333 shares. The stock had previously closed at GBX 175.30.

Wall Street Analyst Weigh In

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

ITM Power Trading Down 9.0%

The company has a quick ratio of 7.56, a current ratio of 2.62 and a debt-to-equity ratio of 6.99. The company has a fifty day moving average of GBX 129.17 and a two-hundred day moving average of GBX 87.90. The stock has a market capitalization of £1.10 billion, a price-to-earnings ratio of -31.89 and a beta of 2.76.

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.