ITM Power (LON:ITM) Stock Price Up 2.9% – Time to Buy?

Shares of ITM Power Plc (LON:ITM) shot up 2.9% on Wednesday. The stock traded as high as GBX 77 and last traded at GBX 74.90. Approximately 2,564,928 shares changed hands during trading, a decline of 56% from the average daily volume of 5,784,281 shares. The stock had previously closed at GBX 72.80.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on ITM shares. JPMorgan Chase & Co. lifted their price objective on ITM Power from GBX 60 to GBX 80 and gave the stock a “neutral” rating in a report on Wednesday, August 5th. Peel Hunt reaffirmed a “hold” rating and set a GBX 92 price objective on shares of ITM Power in a report on Thursday, October 8th. Finally, Berenberg Bank reaffirmed a “buy” rating and set a GBX 200 price objective on shares of ITM Power in a report on Monday, October 12th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of GBX 4,086.40.

ITM Power Trading Up 2.9%

The stock has a market cap of £516.96 million, a PE ratio of -18.73 and a beta of 2.82. The firm has a 50-day simple moving average of GBX 92.15 and a 200-day simple moving average of GBX 102.46. The company has a quick ratio of 7.56, a current ratio of 2.73 and a debt-to-equity ratio of 5.87.

ITM Power (LON:ITM) last posted its quarterly earnings results on Monday, October 19th. The company reported GBX (4) EPS for the quarter. ITM Power had a negative return on equity of 11.09% and a negative net margin of 57.26%. Equities analysts forecast that ITM Power Plc will post -8.92 earnings per share for the current year.

Insider Transactions at ITM Power

In related news, insider John Howarth bought 23,072 shares of the business’s stock in a transaction on Tuesday, October 20th. The stock was acquired at an average price of GBX 87 per share, for a total transaction of £20,072.64. Over the last 90 days, insiders bought 23,697 shares of company stock worth $2,067,449. Corporate insiders own 7.96% of the company’s stock.

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.