Kraken Robotics (CVE:PNG) Trading 15.3% Higher – Here’s Why

Kraken Robotics Inc. (CVE:PNG)’s stock price traded 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 changed 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.

Analysts Set New Price Targets

PNG has been the topic of a number of recent research reports. Desjardins raised their target price on Kraken Robotics from C$4.00 to C$5.00 and gave the company a “buy” rating in a research note on Friday, August 22nd. National Bankshares increased their price objective on shares of Kraken Robotics from C$4.00 to C$5.00 and gave the stock an “outperform” rating in a report on Thursday, September 11th. Scotiabank upgraded shares of Kraken Robotics to a “strong-buy” rating in a research report on Thursday, August 14th. Raymond James Financial raised their price target on shares of Kraken Robotics from C$3.50 to C$4.00 and gave the company an “outperform” rating in a research note on Friday, August 22nd. Finally, Canaccord Genuity Group cut Kraken Robotics from a “strong-buy” rating to a “hold” rating and lifted their price target for the company from C$3.50 to C$4.00 in a report on Thursday, July 24th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Kraken Robotics has a consensus rating of “Buy” and an average price target of C$4.10.

Kraken Robotics Stock Up 15.3%

The stock’s 50-day moving average is C$4.45 and its 200-day moving average is C$3.38. The stock has a market cap of C$2.13 billion, a P/E ratio of 99.29 and a beta of 1.23. The company has a current ratio of 2.78, a quick ratio of 0.64 and a debt-to-equity ratio of 34.32.

Kraken Robotics Company Profile

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.