Kraken Robotics (CVE:PNG) Rating Lowered to Hold at Canaccord Genuity Group

Kraken Robotics (CVE:PNG - Get Free Report) was downgraded by research analysts at Canaccord Genuity Group from a "strong-buy" rating to a "hold" rating in a report released on Thursday, July 24th, Marketbeat reports. They currently have a C$4.00 price objective on the stock, up from their previous price objective of C$3.50. Canaccord Genuity Group's price objective would indicate a potential upside of 17.30% from the company's current price.

Several other brokerages have also recently weighed in on PNG. National Bankshares set a C$3.00 price objective on Kraken Robotics and gave the stock an "outperform" rating in a research note on Thursday, April 24th. National Bank Financial raised Kraken Robotics to a "strong-buy" rating in a research note on Wednesday, April 23rd. Finally, Desjardins raised Kraken Robotics to a "moderate buy" rating in a research note on Monday, July 7th. One equities research analyst has rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of C$3.38.

Kraken Robotics Price Performance

Shares of PNG stock traded up C$0.06 during trading hours on Thursday, hitting C$3.41. The stock had a trading volume of 696,790 shares, compared to its average volume of 1,019,645. Kraken Robotics has a one year low of C$1.12 and a one year high of C$3.89. The company has a debt-to-equity ratio of 34.32, a current ratio of 2.78 and a quick ratio of 0.64. The stock's 50-day moving average price is C$3.02 and its two-hundred day moving average price is C$2.65. The stock has a market capitalization of C$927.09 million, a price-to-earnings ratio of 90.23 and a beta of 1.15.

Insider Activity

In related news, Senior Officer Gregory Michael Reid sold 261,600 shares of the business's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of C$2.88, for a total value of C$753,408.00. Insiders own 10.13% of the company's stock.

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.