Kraken Robotics (CVE:PNG) Share Price Passes Below Fifty Day Moving Average – Here’s Why

Kraken Robotics Inc. (CVE:PNG) shares passed below its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of C$8.34 and traded as low as C$6.85. Kraken Robotics shares last traded at C$7.44, with a volume of 1,482,230 shares traded.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on PNG shares. Desjardins boosted their price target on shares of Kraken Robotics from C$9.50 to C$14.00 and gave the stock a “buy” rating in a research report on Friday, March 13th. ATB Cormark Capital Markets lowered shares of Kraken Robotics from a “hold” rating to a “strong sell” rating and boosted their price target for the stock from C$5.50 to C$6.50 in a research report on Friday, March 13th. Finally, National Bank Financial upgraded shares of Kraken Robotics from a “hold” rating to an “outperform” rating and boosted their price target for the stock from C$8.75 to C$13.00 in a research report on Friday, March 13th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Kraken Robotics presently has an average rating of “Moderate Buy” and a consensus target price of C$8.75.

Kraken Robotics Stock Up 2.2%

The company has a current ratio of 5.53, a quick ratio of 0.64 and a debt-to-equity ratio of 15.94. The company has a market capitalization of C$2.29 billion, a price-to-earnings ratio of 744.00 and a beta of 0.78. The firm’s fifty day simple moving average is C$8.34 and its two-hundred day simple moving average is C$7.46.

About Kraken Robotics

Kraken Robotics Inc, a marine technology company, engages in the design, manufacture, and sale of sonar and optical sensors, batteries, and underwater robotic equipment for unmanned underwater vehicles used in military and commercial applications in Canada, the Asia Pacific, Europe, the Middle East, Africa, North America, and internationally. It operates in two segments, Products, and Services. The company offers AquaPix miniature interferometric synthetic aperture sonar (MINSAS), a configurable MINSAS; and SeaPower, a pressure tolerant deep sea batteries.