Royal Bank of Canada Reaffirms Outperform Rating for ITM Power (LON:ITM)

Royal Bank of Canada reiterated their outperform rating on shares of ITM Power (LON:ITM - Free Report) in a research note issued to investors on Friday, MarketBeat Ratings reports. They currently have a GBX 70 ($0.89) price target on the stock.

Separately, Berenberg Bank reaffirmed a "hold" rating and issued a GBX 59 ($0.75) price objective on shares of ITM Power in a research note on Thursday.

ITM Power Price Performance

ITM stock traded up GBX 1.24 ($0.02) during midday trading on Friday, reaching GBX 35.88 ($0.46). The company had a trading volume of 2,932,193 shares, compared to its average volume of 2,573,540. ITM Power has a 1-year low of GBX 32.20 ($0.41) and a 1-year high of GBX 71.80 ($0.92). The stock has a 50 day moving average price of GBX 40.66 and a 200-day moving average price of GBX 48.41. The company has a debt-to-equity ratio of 4.73, a current ratio of 4.17 and a quick ratio of 7.56. The company has a market capitalization of £221.26 million, a price-to-earnings ratio of -897.00 and a beta of 2.03.

Insiders Place Their Bets

In other news, insider Simon Bourne bought 60,126 shares of the business's stock in a transaction that occurred on Wednesday, October 30th. The shares were bought at an average cost of GBX 42 ($0.54) per share, for a total transaction of £25,252.92 ($32,193.93). Also, insider Andy Allen purchased 658 shares of the company's stock in a transaction that occurred on Tuesday, October 15th. The stock was acquired at an average cost of GBX 46 ($0.59) per share, for a total transaction of £302.68 ($385.87). In the last 90 days, insiders bought 61,497 shares of company stock worth $2,585,637. 48.26% of the stock is currently owned by insiders.

ITM Power Company Profile

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.