ITM Power (LON:ITM) Shares Up 12.8% – Still a Buy?

ITM Power Plc (LON:ITM) was up 12.8% during mid-day trading on Thursday . The company traded as high as GBX 39.92 ($0.50) and last traded at GBX 39.54 ($0.49). Approximately 4,975,889 shares were traded during mid-day trading, an increase of 86% from the average daily volume of 2,669,707 shares. The stock had previously closed at GBX 35.04 ($0.44).

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ITM. Royal Bank of Canada reissued an “outperform” rating and issued a GBX 70 ($0.87) price objective on shares of ITM Power in a research note on Friday, December 6th. Jefferies Financial Group reissued a “buy” rating and issued a GBX 60 ($0.75) price target on shares of ITM Power in a research note on Friday, December 6th. Finally, Berenberg Bank reaffirmed a “hold” rating and set a GBX 59 ($0.73) price objective on shares of ITM Power in a research report on Thursday, December 5th.

ITM Power Stock Performance

The company’s 50-day simple moving average is GBX 35.60 and its 200 day simple moving average is GBX 43.58. The stock has a market cap of £244.17 million, a P/E ratio of -989.88 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 at ITM Power

In other news, insider Simon Bourne bought 792 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was acquired at an average cost of GBX 38 ($0.47) per share, with a total value of £300.96 ($374.70). Over the last 90 days, insiders purchased 1,605 shares of company stock worth $60,177. 48.26% of the stock is owned by company 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.