Raymond James Financial Cuts Kraken Robotics (CVE:PNG) Price Target to C$8.00

Key Points

• Raymond James cut Kraken Robotics’ price target from C$11.00 to C$8.00 while maintaining an “outperform” rating, implying roughly 50% upside from the reported C$5.33 share price.
• Analyst views remain mixed, but the stock holds a “Moderate Buy” consensus rating with an average target of C$9.60; targets range from C$5.00 to C$13.50.
• Kraken Robotics shares traded below their 50-day and 200-day moving averages, while insider activity was mixed: one insider bought 41,500 shares, and a director sold 150,000 shares.

Kraken Robotics (CVE:PNG - Get Free Report) had its price target dropped by stock analysts at Raymond James Financial from C$11.00 to C$8.00 in a research note issued on Friday,BayStreet.CA reports. The brokerage currently has an "outperform" rating on the stock. Raymond James Financial's price objective indicates a potential upside of 50.09% from the stock's current price.

A number of other equities research analysts also recently weighed in on PNG. Desjardins dropped their target price on Kraken Robotics to C$13.50 and set a "buy" rating for the company in a report on Friday, July 3rd. ATB Cormark Capital Markets decreased their price target on shares of Kraken Robotics from C$6.50 to C$5.00 and set an "underperform" rating on the stock in a research note on Tuesday, July 7th. National Bank Financial lowered their price target on shares of Kraken Robotics to C$10.00 in a research report on Friday, July 3rd. Finally, Scotia lifted their price objective on shares of Kraken Robotics from C$9.00 to C$12.00 and gave the stock a "sector outperform" rating in a research note on Friday, July 3rd. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of C$9.60.

Kraken Robotics Stock Performance

CVE:PNG traded down C$0.07 during mid-day trading on Friday, hitting C$5.33. 1,889,983 shares of the stock were exchanged, compared to its average volume of 1,572,126. The firm's 50-day simple moving average is C$6.23 and its 200 day simple moving average is C$7.48. 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. Kraken Robotics has a fifty-two week low of C$3.31 and a fifty-two week high of C$10.72. The company has a debt-to-equity ratio of 16.23, a quick ratio of 0.64 and a current ratio of 1.37.

Insiders Place Their Bets

In other Kraken Robotics news, insider Duane Joseph Alexander Mackay bought 41,500 shares of the stock in a transaction on Wednesday, July 8th. The stock was purchased at an average price of C$6.00 per share, with a total value of C$249,000.00. Following the completion of the purchase, the insider owned 1,154,500 shares in the company, valued at C$6,927,000. The trade was a 3.73% increase in their ownership of the stock. Also, Director Michael Shaun Mcewan sold 150,000 shares of the company's stock in a transaction that occurred 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 transaction, the director owned 252,548 shares of the company's stock, valued at approximately C$1,568,323.08. This represents a 37.26% decrease in their ownership of the stock. Over the last 90 days, insiders sold 238,687 shares of company stock valued at $1,485,800. 10.13% of the stock is currently owned by corporate insiders.

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. 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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