Desjardins Lowers Kraken Robotics (CVE:PNG) Price Target to C$13.00

Key Points

• Desjardins lowered Kraken Robotics’ price target from C$13.50 to C$13.00 while maintaining a “buy” rating, implying 143.9% upside from the prior close.
• Analyst sentiment remains mixed but leans positive: the stock has an overall “Moderate Buy” rating and an average price target of C$9.60, based on four Buys, one Hold, and one Sell.
• Kraken shares closed at C$5.33, below their 50-day and 200-day moving averages of C$6.23 and C$7.48, respectively. Recent insider activity included a director purchase of 10,000 shares, while insiders collectively sold 238,687 shares over the past 90 days.

Kraken Robotics (CVE:PNG - Get Free Report) had its target price cut by stock analysts at Desjardins from C$13.50 to C$13.00 in a report released on Friday,BayStreet.CA reports. The firm currently has a "buy" rating on the stock. Desjardins' price objective suggests a potential upside of 143.90% from the stock's previous close.

PNG has been the subject of several other reports. ATB Cormark Capital Markets dropped their target price on Kraken Robotics from C$6.50 to C$5.00 and set an "underperform" rating for the company in a research note on Tuesday, July 7th. Raymond James Financial dropped their price objective on Kraken Robotics from C$11.00 to C$8.00 and set an "outperform" rating for the company in a report on Friday. Scotia increased their target price on Kraken Robotics from C$9.00 to C$12.00 and gave the stock a "sector outperform" rating in a research report on Friday, July 3rd. Finally, National Bank Financial reduced their target price on Kraken Robotics to C$10.00 in a report on Friday, July 3rd. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of C$9.60.

Kraken Robotics Price Performance

Kraken Robotics stock traded down C$0.07 during trading hours on Friday, hitting C$5.33. The stock had a trading volume of 1,889,983 shares, compared to its average volume of 1,572,126. Kraken Robotics has a 1-year low of C$3.31 and a 1-year high of C$10.72. The stock has a market capitalization of C$1.64 billion, a price-to-earnings ratio of 744.00 and a beta of 0.91. The stock's fifty day moving average is C$6.23 and its two-hundred day moving average is C$7.48. The company has a debt-to-equity ratio of 16.23, a current ratio of 1.37 and a quick ratio of 0.64.

Insiders Place Their Bets

In other Kraken Robotics news, Director Donald Christopher Robertson acquired 10,000 shares of the company's stock in a transaction dated Wednesday, July 8th. The stock was bought at an average price of C$6.05 per share, with a total value of C$60,500.00. Following the completion of the transaction, the director directly owned 10,000 shares of the company's stock, valued at approximately C$60,500. The trade was a ∞ increase in their ownership of the stock. Also, Director Michael Shaun Mcewan sold 6,700 shares of the firm's stock in a transaction on Thursday, July 9th. The shares were sold at an average price of C$6.32, for a total transaction of C$42,344.00. Following the completion of the transaction, the director directly owned 460,728 shares in the company, valued at approximately C$2,911,800.96. This represents a 1.43% decrease in their position. Insiders sold a total of 238,687 shares of company stock worth $1,485,800 over the last ninety days. 10.13% of the stock is owned by company 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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