Kraken Robotics (CVE:PNG) Shares Up 15.3% – Still a Buy?

Shares of Kraken Robotics Inc. (CVE:PNG) shot up 15.3% during mid-day trading on Wednesday . The company traded as high as C$7.29 and last traded at C$6.95. 5,771,133 shares traded hands during trading, an increase of 404% from the average session volume of 1,145,659 shares. The stock had previously closed at C$6.03.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PNG. Raymond James Financial boosted their target price on Kraken Robotics from C$3.50 to C$4.00 and gave the stock an “outperform” rating in a research note on Friday, August 22nd. Scotiabank raised shares of Kraken Robotics to a “strong-buy” rating in a report on Thursday, August 14th. Canaccord Genuity Group cut shares of Kraken Robotics from a “strong-buy” rating to a “hold” rating and upped their price target for the stock from C$3.50 to C$4.00 in a report on Thursday, July 24th. Desjardins upped their price target on shares of Kraken Robotics from C$4.00 to C$5.00 and gave the stock a “buy” rating in a report on Friday, August 22nd. Finally, National Bankshares upped their price target on shares of Kraken Robotics from C$5.00 to C$7.50 and gave the stock an “outperform” rating in a report on Thursday. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Kraken Robotics has a consensus rating of “Buy” and a consensus target price of C$4.60.

Kraken Robotics Price Performance

The firm’s 50-day moving average is C$4.58 and its 200-day moving average is C$3.44. The company has a market capitalization of C$2.12 billion, a PE ratio of 98.71 and a beta of 1.23. The company has a quick ratio of 0.64, a current ratio of 2.78 and a debt-to-equity ratio of 34.32.

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.