ATB Cormark Capital Markets Upgrades Kraken Robotics (CVE:PNG) to Hold

Key Points

• ATB Cormark upgraded Kraken Robotics to “Hold” from “Strong Sell.” Despite the change, analyst sentiment remains a “Moderate Buy,” with four Buy ratings and two Hold ratings and an average target price of C$9.60.
• Kraken shares opened at C$5.34, down 1.1%, with a C$1.64 billion market capitalization. The stock trades well below its 52-week high of C$10.72 and has a notably high P/E ratio of 744.
• Insider activity was mixed: Director Michael Shaun Mcewan sold 150,000 shares for about C$931,500, while Director Donald Christopher Robertson bought 10,000 shares for C$60,500. Insiders collectively sold 238,687 shares over the past 90 days.

Kraken Robotics (CVE:PNG - Get Free Report) was upgraded by stock analysts at ATB Cormark Capital Markets from a "strong sell" rating to a "hold" rating in a note issued to investors on Friday,Zacks.com reports.

Other equities analysts also recently issued research reports about the company. Scotia increased their price objective on Kraken Robotics from C$9.00 to C$12.00 and gave the stock a "sector outperform" rating in a report on Friday, July 3rd. Raymond James Financial dropped their target price on shares of Kraken Robotics from C$11.00 to C$8.00 and set an "outperform" rating on the stock in a report on Friday. National Bank Financial reduced their target price on shares of Kraken Robotics to C$10.00 in a research report on Friday, July 3rd. Finally, Desjardins decreased their price target on shares of Kraken Robotics from C$13.50 to C$13.00 and set a "buy" rating for the company in a research note on Friday. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Kraken Robotics presently has an average rating of "Moderate Buy" and an average target price of C$9.60.

Kraken Robotics Stock Down 1.1%

Shares of CVE:PNG opened at C$5.34 on Friday. The firm has a market capitalization of C$1.64 billion, a P/E ratio of 744.00 and a beta of 0.91. The company has a debt-to-equity ratio of 16.23, a quick ratio of 0.64 and a current ratio of 1.37. The stock has a 50 day moving average price of C$6.18 and a 200-day moving average price of C$7.46. Kraken Robotics has a 52-week low of C$3.31 and a 52-week high of C$10.72.

Insider Buying and Selling at Kraken Robotics

In other news, Director Michael Shaun Mcewan sold 150,000 shares of the firm's stock in a transaction on Thursday, July 9th. The stock was sold at an average price of C$6.21, for a total transaction of C$931,500.00. Following the completion of the transaction, the director directly owned 252,548 shares in the company, valued at C$1,568,323.08. This trade represents a 37.26% decrease in their ownership of the stock. Also, Director Donald Christopher Robertson purchased 10,000 shares of the stock in a transaction dated Wednesday, July 8th. The stock was bought at an average cost of C$6.05 per share, with a total value of C$60,500.00. Following the transaction, the director owned 10,000 shares in the company, valued at C$60,500. The trade was a ∞ increase in their ownership of the stock. Over the last 90 days, insiders sold 238,687 shares of company stock worth $1,485,800. 10.13% of the stock is owned by insiders.

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. 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.

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