ITM Power: Bears Keep the Pressure On Despite Stock's 109% Year-to-Date Surge

ITM Power shares jumped 5% to €1.51 without any corporate announcement, while disclosed short positions of 1.60% hint at larger bearish bets. The stock is up 109% year-to-date but down 14% over the past 30 days.

ITM Power’s latest rally has baffled observers — a 5% single-day jump to €1.51 with no corporate announcement to explain it. Yet beneath the surface, short sellers are not retreating. A disclosed net short position of 1.60% of the listed equity sits on the books, and since that figure only captures positions above the 0.5% UK reporting threshold, the real bearish bet against the electrolyser maker is almost certainly larger.

The stock’s 2026 scorecard remains impressive by any measure. Since the start of the year, ITM Power has more than doubled, delivering a gain of approximately 109%. Over a trailing 12-month period, the advance stands at just under 68%. But the recent trajectory tells a different story. Despite today’s bounce, the share price has shed around 14% over the past 30 days and sits a hefty 41% below its 52-week high of €2.58, set in late May.

The disconnect between the long-term rally and the immediate weakness has left traders without a clear catalyst. The most recent strategic announcement dates back to 3 June — a partnership with Protium for green hydrogen projects in the UK. That was preceded by a collaboration with Rheinmetall in April and a state-backed equity package. No further operational updates have emerged. The only filing in the regulatory register since then was a directors’ dealings notice on 17 June — no contract wins, no project approvals, no profit guidance.

That absence of fresh news has turned the stock into a playground for sentiment and positioning. ITM Power remains one of the few publicly listed electrolyser manufacturers in Europe, and the broader green hydrogen theme continues to draw attention. The technical picture, however, remains split. At €1.51, the stock trades roughly 12% below its 50-day moving average of €1.72 — a sign the recovery is not yet on firm footing. On the flip side, it sits almost 48% above its 200-day average. The 14-day relative strength index of 43 indicates no overheating, but the annualised 30-day volatility of roughly 98% underscores that swings of this magnitude are routine.

Short sellers appear to be betting that the momentum is unsustainable. If the price slips below the 100-day moving average at €1.22 — a level flagged by bearish analysts — selling pressure could accelerate as leveraged positions unwind. For now, the rally looks more like a thematic rebound in a still-active sector than a reaction to tangible progress. Whether it turns into a sustained recovery will depend on whether ITM Power can deliver new orders or project milestones in the weeks ahead.