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

Shares of Kraken Robotics Inc. (CVE:PNG) shot up 15.3% during mid-day trading on Wednesday . The stock traded as high as C$7.29 and last traded at C$6.95. 5,771,133 shares were traded 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.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Raymond James Financial upped their target price on Kraken Robotics from C$3.50 to C$4.00 and gave the company an “outperform” rating in a report on Friday, August 22nd. Canaccord Genuity Group lowered Kraken Robotics from a “strong-buy” rating to a “hold” rating and upped their target price for the company from C$3.50 to C$4.00 in a research note on Thursday, July 24th. Scotiabank raised Kraken Robotics to a “strong-buy” rating in a report on Thursday, August 14th. Desjardins increased their price objective 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. Finally, National Bankshares lifted their price objective on Kraken Robotics from C$4.00 to C$5.00 and gave the stock an “outperform” rating in a research report on Thursday, September 11th. Two investment 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 MarketBeat.com, Kraken Robotics has a consensus rating of “Buy” and an average price target of C$4.10.

Kraken Robotics Stock Performance

The firm has a market cap of C$2.13 billion, a PE ratio of 99.29 and a beta of 1.23. The stock has a 50-day moving average price of C$4.45 and a 200 day moving average price of C$3.38. The company has a debt-to-equity ratio of 34.32, a current ratio of 2.78 and a quick ratio of 0.64.

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.