Kraken Robotics (CVE:PNG) Downgraded to Underperform Rating by ATB Cormark Capital Markets

Key Points

• ATB Cormark downgraded Kraken Robotics from "sector perform" to "underperform" while raising its target to C$6.50 (from C$5.50), a level that implies about a 31% downside from the prior close.
• Analyst views are mixed—several firms (National Bank, Desjardins, Raymond James) have recently raised ratings or targets—but the consensus remains a Moderate Buy with an average price target of C$8.75.
• Shares traded down ~2.1% at C$9.42 with a market cap of C$2.89 billion, a P/E of about 134.6, and a 1‑year range of C$2.06–C$10.72.

Kraken Robotics (CVE:PNG - Get Free Report) was downgraded by research analysts at ATB Cormark Capital Markets from a "sector perform" rating to an "underperform" rating in a note issued to investors on Friday,BayStreet.CA reports. They presently have a C$6.50 target price on the stock, up from their previous target price of C$5.50. ATB Cormark Capital Markets' target price would indicate a potential downside of 31.00% from the stock's previous close.

Several other analysts also recently issued reports on PNG. National Bank Financial upgraded Kraken Robotics from a "sector perform" rating to an "outperform" rating and boosted their price objective for the stock from C$8.75 to C$13.00 in a report on Friday. Cormark downgraded shares of Kraken Robotics from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, November 25th. Desjardins boosted their price target on shares of Kraken Robotics from C$9.50 to C$14.00 and gave the company a "buy" rating in a report on Friday. Finally, Raymond James Financial upped their price target on shares of Kraken Robotics from C$4.00 to C$6.25 and gave the company an "outperform" rating in a research report on Tuesday, November 25th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Kraken Robotics has an average rating of "Moderate Buy" and a consensus price target of C$8.75.

Kraken Robotics Trading Down 2.1%

Shares of CVE:PNG traded down C$0.20 during midday trading on Friday, reaching C$9.42. The company had a trading volume of 1,628,793 shares, compared to its average volume of 2,037,315. The company has a debt-to-equity ratio of 16.12, a quick ratio of 0.64 and a current ratio of 7.30. Kraken Robotics has a 1-year low of C$2.06 and a 1-year high of C$10.72. The firm has a market cap of C$2.89 billion, a price-to-earnings ratio of 134.57 and a beta of 0.72. The company has a fifty day simple moving average of C$8.23 and a two-hundred day simple moving average of C$6.36.

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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