Kraken Robotics (CVE:PNG) Sets New 1-Year High - Here's Why

Key Points

• Shares of Kraken Robotics hit a new 52-week high, trading as high as C$7.63 and last at C$7.48 on a volume of 591,454 shares.
• Several analysts raised price targets (e.g., National Bankshares to C$7.50, Raymond James to C$6.25, Desjardins to C$6.50), and MarketBeat shows an average rating of "Buy" with an average price target of C$6.06.
• Kraken Robotics, a marine-technology company making sonar, sensors, batteries and underwater robots, has a market cap of C$2.29 billion and a high P/E of 106.86, with 50‑day and 200‑day moving averages at C$5.96 and C$4.80 respectively.

Shares of Kraken Robotics Inc. (CVE:PNG - Get Free Report) hit a new 52-week high during trading on Thursday . The company traded as high as C$7.63 and last traded at C$7.48, with a volume of 591454 shares changing hands. The stock had previously closed at C$7.36.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. National Bankshares boosted their price objective on shares of Kraken Robotics from C$5.00 to C$7.50 and gave the company an "outperform" rating in a research report on Thursday, October 23rd. Raymond James Financial lifted their price objective on 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. Cormark lowered shares of Kraken Robotics from a "moderate buy" rating to a "hold" rating in a report on Tuesday, November 25th. Finally, Desjardins raised their target price on shares of Kraken Robotics from C$5.00 to C$6.50 and gave the stock a "buy" rating in a research note on Tuesday, November 25th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Kraken Robotics currently has an average rating of "Buy" and an average price target of C$6.06.

Kraken Robotics Stock Performance

The firm's 50-day moving average price is C$5.96 and its 200-day moving average price is C$4.80. 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 has a market cap of C$2.29 billion, a P/E ratio of 106.86 and a beta of 0.95.

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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