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

ITM Power Plc (LON:ITM)’s share price rose 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). Approximately 3,094,487 shares traded hands during mid-day trading, an increase of 27% from the average daily volume of 2,433,666 shares. The stock had previously closed at GBX 39 ($0.51).

Wall Street Analysts Forecast Growth

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

ITM Power Stock Up 12.5 %

The business’s fifty 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 current ratio of 4.17, a quick ratio of 7.56 and a debt-to-equity ratio of 4.73.

Insider Activity

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

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.