ITM Power: Short Sellers Refuse to Budge Despite 110% Year-to-Date Surge
20.06.2026 - 03:44:31 | boerse-global.de
A net short position of 1.60% of outstanding shares remains lodged against ITM Power, signalling that bearish traders see little reason to cover their bets. The stock closed on Friday at €1.52, up nearly 6% on the day, but that single session's gain does little to change the broader picture. From the 52-week high of €2.58 struck at the end of May, the shares have lost almost 41% — and the June sell-off alone shaved off roughly 13%.
The disclosed short position captures only stakes above the UK reporting threshold of 0.5%; the actual short interest is almost certainly higher. Bears evidently doubt that the recent rally can be sustained without fresh corporate catalysts. Over the past four weeks, the stock has shed about 15%, and the gap to the May peak remains cavernous.
On the charts, the technical case is neutral at best. The 50-day moving average at €1.72 sits roughly 11% above the current price — a near-term resistance zone that even Friday's jump could not breach. The 200-day average, at €1.03, is comfortably below, giving a long-term cushion of about 49%. The relative strength index of 43.5 points to neither overbought nor oversold territory. Yet the annualised 30-day volatility of 98% underscores just how violent the swings in hydrogen names can be; a fall under the 100-day moving average near €1.22, as noted by some market observers, could trigger further selling from the active short camp.
Should investors sell immediately? Or is it worth buying ITM Power?
The only visible fundamental anchor is the partnership with Protium Green Solutions, announced on 3 June. The two companies plan to develop and operate industrial green hydrogen plants in Britain, starting with the Cromarty project in Scotland — a 15?megawatt electrolyser facility expected to produce about seven tonnes of green hydrogen per day. But the final investment decision for Cromarty is not scheduled until December 2026. Until then, the agreement remains a framework without binding revenue visibility.
Operational silence has reigned since the Protium announcement. No new orders, contracts or financial updates have emerged to drive the share price. Friday's jump was market-driven, not company-driven — a distinction that matters for investors in the volatile hydrogen space. For all the stock's stunning recovery from the February low of €0.65, the inability to hold ground near the May high suggests the market is not yet ready to re?rate the name on promise alone. Concrete project milestones before the Cromarty deadline could change that calculus, but for now the bears are keeping their positions, and the charts offer no all?clear.
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