Kraken Robotics (CVE:PNG) Shares Up 15.3% - Here's What Happened

Key Points

• Shares of **Kraken Robotics** surged **15.3%**, reaching a high of **C$7.29**, amidst a significant trading volume that exceeded the average by **404%**.
• Analysts have issued mostly favorable ratings, with a consensus rating of **"Buy"** and a target price of **C$4.10**, indicating strong investor confidence in the company's prospects.
• Kraken Robotics specializes in marine technology, manufacturing sonar and optical sensors for **unmanned underwater vehicles** utilized in military and commercial applications worldwide.

Kraken Robotics Inc. (CVE:PNG - Get Free Report)'s stock price was up 15.3% during mid-day trading on Tuesday . The stock traded as high as C$7.29 and last traded at C$6.95. Approximately 5,771,133 shares were traded during mid-day trading, an increase of 404% from the average daily volume of 1,145,659 shares. The stock had previously closed at C$6.03.

Wall Street Analyst Weigh In

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

Kraken Robotics Price Performance

The stock has a fifty day moving average of C$4.39 and a two-hundred day moving average of C$3.36. The stock has a market capitalization of C$2.13 billion, a price-to-earnings ratio of 99.29 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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