Kraken Robotics (CVE:PNG) Sets New 52-Week High - Here's What Happened

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.

Kraken Robotics Inc. (CVE:PNG - Get Free Report) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as C$4.23 and last traded at C$4.10, with a volume of 4669494 shares trading hands. The stock had previously closed at C$3.46.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Scotiabank upgraded shares of Kraken Robotics to a "strong-buy" rating in a research note on Thursday, August 14th. Raymond James Financial increased their price objective on shares of Kraken Robotics from C$3.50 to C$4.00 and gave the company an "outperform" rating in a research note on Friday, August 22nd. Desjardins increased their price objective on shares of Kraken Robotics from C$4.00 to C$5.00 and gave the company a "buy" rating in a research note on Friday, August 22nd. Finally, Canaccord Genuity Group downgraded shares of Kraken Robotics from a "strong-buy" rating to a "hold" rating and increased their price objective for the company from C$3.50 to C$4.00 in a research note on Thursday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Kraken Robotics has an average rating of "Buy" and an average price target of C$3.70.

Kraken Robotics Trading Up 18.5%

The company has a market capitalization of C$1.26 billion, a price-to-earnings ratio of 58.57 and a beta of 0.91. The company has a quick ratio of 0.64, a current ratio of 2.78 and a debt-to-equity ratio of 34.32. The company's 50 day simple moving average is C$3.51 and its two-hundred day simple moving average is C$2.83.

Insiders Place Their Bets

In other Kraken Robotics news, Senior Officer Gregory Michael Reid sold 261,600 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of C$2.88, for a total value of C$753,408.00. 10.13% of the stock is currently owned by company 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.

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