ITM Power’s June Crossroads: Grant Review, Auction Awards, and Project Approval Loom Over Battered Stock
13.06.2026 - 06:13:38 | boerse-global.de
ITM Power’s share price has careened from euphoria to despondency in a matter of weeks, but a trio of decisions due in June could determine whether the hydrogen equipment maker can arrest its slide. After more than doubling since January, the stock has surrendered roughly 42% of its value from the late-May peak, closing last week at €1.49 after a near-11% weekly rout. The annualised 30-day volatility sits at an eye-watering 96%, underscoring just how binary the outlook has become.
The sell-off lacks a single trigger, but profit-taking after a blistering rally — the shares still trade 105% above the year’s low of €0.65 — has been compounded by a negative call from Goldman Sachs and a lack of fresh near-term catalysts. Inclusion in the MSCI UK Small Cap Index earlier this year provided a brief boost, but that momentum has faded. The stock now sits 42% below the 2025 high reached at the end of May.
Operationally, the picture is more encouraging. ITM Power’s half-year revenue hit a record £18 million, prompting management to lift its full-year 2026 forecast to a range of £40 million to £43 million. A £40 million cash injection from Great British Energy, which now holds just over 10% of the shares, has strengthened the balance sheet. The company also forged a strategic alliance with Protium in early June for the Cromarty project in Scotland, a 15 MW facility designed to produce seven tonnes of green hydrogen daily. A final investment decision on that venture is slated for December 2026.
Should investors sell immediately? Or is it worth buying ITM Power?
Analyst sentiment remains broadly positive despite the share-price retreat. Twelve analysts cover the stock, with a consensus “Buy” rating and an average price target of 119 pence. Yet the market is demanding tangible proof that the narrative can translate into sustained earnings growth.
Technically, the short-term trend has broken down. The share price has slipped below the 50-day moving average of €1.64, which now acts as immediate resistance. The longer-term uptrend remains intact, however, with the 200-day line at €1.01 providing a solid floor. The relative strength index indicates a cooling of bullish enthusiasm without tipping into oversold territory.
All eyes are now on June’s decision cluster. First, the UK’s Competition and Markets Authority is reviewing a state grant of nearly £47 million for ITM’s new Chronos production line, which aims to produce more powerful electrolysers and cut costs by 40%. A rejection would be a severe blow. Second, the second round of the UK’s hydrogen allocation auction is under way; ITM is the preferred supplier for two projects, with preliminary award signals expected this month. Third, Uniper is due to make a final investment decision on the Humber project, where ITM plans to deploy six large Poseidon modules.
Success on all three fronts could propel the stock back toward its earlier highs. Failure to secure the grant or key project awards, however, risks opening the door to a test of the €1.00 support level. For a stock that has already demonstrated its capacity for violent swings, the next few weeks will be pivotal.
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ITM Power Stock: New Analysis - 13 June
Fresh ITM Power information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
