Kraken Robotics (CVE:PNG) Shares Up 14.1% - Here's Why

Key Points

• Kraken Robotics shares surged 14.1%, closing at C$6.88 after trading volumes increased by 129% compared to the average session.
• Analysts' ratings for Kraken Robotics are generally positive, with two strong buy, three buy, and one hold rating, and a consensus target price of C$4.10.
• The company's market capitalization stands at C$2.11 billion, with a high PE ratio of 98.57 indicating significant investor expectations.

Shares of Kraken Robotics Inc. (CVE:PNG - Get Free Report) shot up 14.1% on Tuesday . The company traded as high as C$7.00 and last traded at C$6.88. 2,578,374 shares traded hands during trading, an increase of 129% from the average session volume of 1,125,382 shares. The stock had previously closed at C$6.03.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PNG. Desjardins upped their target price 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. National Bankshares increased their price target on shares of Kraken Robotics from C$4.00 to C$5.00 and gave the company an "outperform" rating in a research note on Thursday, September 11th. Scotiabank upgraded shares of Kraken Robotics to a "strong-buy" rating in a research note on Thursday, August 14th. Canaccord Genuity Group lowered shares of Kraken Robotics from a "strong-buy" rating to a "hold" rating and increased their price target for the company from C$3.50 to C$4.00 in a research note on Thursday, July 24th. Finally, Raymond James Financial increased their price target 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. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Kraken Robotics presently has a consensus rating of "Buy" and a consensus target price of C$4.10.

Kraken Robotics Trading Up 14.4%

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 firm has a market capitalization of C$2.11 billion, a PE ratio of 98.57 and a beta of 1.23. The business's 50-day moving average price is C$4.39 and its 200-day moving average price is C$3.36.

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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