Kraken Robotics (CVE:PNG) Reaches New 52-Week High on Analyst Upgrade

Key Points

• Kraken Robotics reached a new 52-week high trading at C$4.23, with a significant volume of nearly 4.67 million shares exchanged during the day.
• Analyst ratings for Kraken Robotics are predominantly positive, with Scotiabank upgrading it to "strong-buy" and Desjardins increasing the price target to C$5.00.
• The company's market capitalization stands at C$1.26 billion, with a price-to-earnings ratio of 58.57 and a debt-to-equity ratio of 34.32.

Shares of Kraken Robotics Inc. (CVE:PNG - Get Free Report) hit a new 52-week high on Thursday after National Bankshares raised their price target on the stock from C$4.00 to C$5.00. National Bankshares currently has an outperform rating on the stock. Kraken Robotics traded as high as C$4.23 and last traded at C$4.10, with a volume of 4669494 shares traded. The stock had previously closed at C$3.46.

A number of other research analysts also recently issued reports on PNG. Scotiabank upgraded shares of Kraken Robotics to a "strong-buy" rating in a research note on Thursday, August 14th. Desjardins lifted their price target on shares of Kraken Robotics from C$4.00 to C$5.00 and gave the stock a "buy" rating in a research note on Friday, August 22nd. Canaccord Genuity Group downgraded shares of Kraken Robotics from a "strong-buy" rating to a "hold" rating and lifted their price target for the stock from C$3.50 to C$4.00 in a research note on Thursday, July 24th. Finally, Raymond James Financial boosted their price objective on shares of Kraken Robotics from C$3.50 to C$4.00 and gave the stock an "outperform" rating in a research report on Friday, August 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, Kraken Robotics currently has an average rating of "Buy" and an average price target of C$4.10.

Kraken Robotics Stock Down 0.7%

The company has a current ratio of 2.78, a quick ratio of 0.64 and a debt-to-equity ratio of 34.32. The company has a market capitalization of C$1.27 billion, a price-to-earnings ratio of 59.43 and a beta of 0.91. The firm's 50 day simple moving average is C$3.58 and its 200-day simple moving average is C$2.88.

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.