ITM Power (LON:ITM) Earns “Outperform” Rating from Royal Bank of Canada

ITM Power (LON:ITM)‘s stock had its “outperform” rating reiterated by analysts at Royal Bank of Canada in a note issued to investors on Friday,Digital Look reports. They presently have a GBX 70 ($0.89) price objective on the stock. Royal Bank of Canada’s target price suggests a potential upside of 101.38% from the stock’s previous close.

Separately, Berenberg Bank restated a “hold” rating and set a GBX 59 ($0.75) target price on shares of ITM Power in a research report on Thursday.

ITM Power Stock Performance

LON ITM opened at GBX 34.76 ($0.44) on Friday. The company has a debt-to-equity ratio of 4.73, a current ratio of 4.17 and a quick ratio of 7.56. 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 business has a 50 day simple moving average of GBX 40.95 and a two-hundred day simple moving average of GBX 48.54. The stock has a market capitalization of £214.36 million, a PE ratio of -869.00 and a beta of 2.03.

Insider Buying and Selling

In other ITM Power news, insider Simon Bourne bought 60,126 shares of ITM Power stock in a transaction on Wednesday, October 30th. The shares were acquired at an average price of GBX 42 ($0.54) per share, for a total transaction of £25,252.92 ($32,222.69). Also, insider Andy Allen bought 658 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were acquired at an average price of GBX 46 ($0.59) per share, with a total value of £302.68 ($386.22). Insiders purchased a total of 61,497 shares of company stock worth $2,585,637 over the last three months. 48.26% of the stock is owned by 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.