Kraken Robotics (CVE:PNG) Shares Up 14.9% - Here's Why

Key Points

• Kraken Robotics shares surged by 14.9% during mid-day trading, reaching a high of C$7.29 and closing at C$6.93, with trading volume increasing by 374% from the average.
• Recent analyst actions have seen Canaccord Genuity and National Bankshares adjust their target prices to C$4.00 and C$5.00, respectively, reflecting a mix of ratings from "Strong Buy" to "Hold."
• The company has a market cap of C$2.09 billion and operates in the marine technology sector, focusing on sonar, optical sensors, and underwater robotic equipment.

Kraken Robotics Inc. (CVE:PNG - Get Free Report)'s stock price was up 14.9% during mid-day trading on Tuesday . The stock traded as high as C$7.29 and last traded at C$6.93. Approximately 5,421,253 shares traded hands during mid-day trading, an increase of 374% from the average daily volume of 1,143,398 shares. The stock had previously closed at C$6.03.

Wall Street Analyst Weigh In

PNG has been the subject of several recent research reports. Canaccord Genuity Group cut shares of Kraken Robotics from a "strong-buy" rating to a "hold" rating and boosted their target price for the company from C$3.50 to C$4.00 in a report on Thursday, July 24th. Raymond James Financial boosted 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 report on Friday, August 22nd. National Bankshares raised their target price on shares of Kraken Robotics from C$4.00 to C$5.00 and gave the stock an "outperform" rating in a report on Thursday, September 11th. Scotiabank upgraded shares of Kraken Robotics to a "strong-buy" rating in a research note on Thursday, August 14th. Finally, Desjardins lifted their price objective on Kraken Robotics from C$4.00 to C$5.00 and gave the stock a "buy" rating in a 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 given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of C$4.10.

Kraken Robotics Price Performance

The firm has a 50-day simple moving average of C$4.39 and a 200-day simple moving average of C$3.36. The firm has a market cap of C$2.09 billion, a P/E ratio of 97.57 and a beta of 1.23. The company has a current ratio of 2.78, a quick ratio of 0.64 and a debt-to-equity ratio of 34.32.

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.

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