Kraken Robotics (CVE:PNG) Share Price Passes Above 50 Day Moving Average - What's Next?

Key Points

• Kraken Robotics shares briefly crossed above their 50-day moving average of C$6.49, reaching C$6.80 before last trading at C$6.35 on volume of 767,607 shares.
• Analyst views remain mixed, but the stock carries a consensus “Moderate Buy” rating and an average price target of C$9.35. Targets range from C$5.00 with an “underperform” rating to C$13.50 with a “buy” rating.
• Insiders recently bought shares, including 41,500 shares acquired by insider Duane Mackay and 10,000 shares purchased by director Donald Robertson, although insiders also sold C$1.49 million worth of stock during the past 90 days.

Kraken Robotics Inc. (CVE:PNG - Get Free Report)'s share price crossed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of C$6.49 and traded as high as C$6.80. Kraken Robotics shares last traded at C$6.35, with a volume of 767,607 shares traded.

Analysts Set New Price Targets

A number of research firms recently weighed in on PNG. ATB Cormark Capital Markets decreased their price target on Kraken Robotics from C$6.50 to C$5.00 and set an "underperform" rating for the company in a research report on Tuesday, July 7th. Desjardins cut their price objective on Kraken Robotics to C$13.50 and set a "buy" rating on the stock in a report on Friday, July 3rd. National Bank Financial reduced their price objective on shares of Kraken Robotics to C$10.00 in a research note on Friday, July 3rd. Finally, Scotia raised their target price on shares of Kraken Robotics from C$9.00 to C$12.00 and gave the stock a "sector outperform" rating in a report on Friday, July 3rd. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Kraken Robotics has a consensus rating of "Moderate Buy" and an average target price of C$9.35.

Kraken Robotics Trading Down 4.4%

The firm has a market cap of C$1.95 billion, a price-to-earnings ratio of 744.00 and a beta of 0.91. The company has a 50-day moving average price of C$6.49 and a 200 day moving average price of C$7.64. The company has a quick ratio of 0.64, a current ratio of 1.37 and a debt-to-equity ratio of 16.23.

Insider Buying and Selling

In other Kraken Robotics news, insider Duane Joseph Alexander Mackay acquired 41,500 shares of the firm's stock in a transaction on Wednesday, July 8th. The stock was purchased at an average cost of C$6.00 per share, for a total transaction of C$249,000.00. Following the transaction, the insider owned 1,154,500 shares of the company's stock, valued at C$6,927,000. The trade was a 3.73% increase in their position. Also, Director Donald Christopher Robertson acquired 10,000 shares of the firm's stock in a transaction on Wednesday, July 8th. The shares were acquired at an average price of C$6.05 per share, with a total value of C$60,500.00. Following the completion of the transaction, the director directly owned 10,000 shares in the company, valued at approximately C$60,500. This trade represents a ∞ increase in their position. In the last ninety days, insiders sold 238,687 shares of company stock valued at $1,485,800. Corporate insiders own 10.13% of the company's stock.

Kraken Robotics Company Profile

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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