ITM Power (LON:ITM) Stock Price Up 7.8% – Here’s What Happened

ITM Power Plc (LON:ITM) shot up 7.8% during mid-day trading on Wednesday . The company traded as high as GBX 42.48 ($0.55) and last traded at GBX 42.06 ($0.55). 3,094,487 shares were traded during trading, an increase of 27% from the average session volume of 2,433,666 shares. The stock had previously closed at GBX 39 ($0.51).

Analysts Set New Price Targets

A number of brokerages recently issued reports on ITM. Berenberg Bank lowered their price target on shares of ITM Power from GBX 60 ($0.78) to GBX 59 ($0.77) and set a “hold” rating on the stock in a report on Thursday, August 15th. JPMorgan Chase & Co. downgraded shares of ITM Power to a “neutral” rating and decreased their price objective for the company from GBX 130 ($1.69) to GBX 90 ($1.17) in a report on Tuesday, July 9th.

ITM Power Price Performance

The stock’s 50-day moving average price is GBX 47.30 and its 200 day moving average price is GBX 51.26. The firm has a market capitalization of £270.48 million, a price-to-earnings ratio of -1,099.65 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.

Insider Buying and Selling

In other news, insider Andy Allen acquired 658 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was purchased at an average cost of GBX 46 ($0.60) per share, for a total transaction of £302.68 ($392.53). In other news, insider Andy Allen acquired 658 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was purchased at an average cost of GBX 46 ($0.60) per share, for a total transaction of £302.68 ($392.53). Also, insider Dennis Schulz purchased 518 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were bought at an average price of GBX 58 ($0.75) per share, with a total value of £300.44 ($389.63). Over the last ninety days, insiders bought 1,484 shares of company stock worth $75,404. Insiders own 48.26% of the company’s stock.

About ITM Power

ITM Power Plc designs and manufactures proton exchange membrane (PEM) electrolysers in the United Kingdom, Germany, Australia, rest of Europe, and the United States. The company’s product portfolio comprises TRIDENT, an PEM electrolysers stack technology; NEPTUNE, a 2MW plug and play electrolyser for small to mid-size projects; and POSEIDON, a 20 MW electrolysis process module for large-scale projects.