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

Key Points

• Kraken Robotics shares surged 15.3% during trading, reaching a high of C$7.29, reflecting a significant increase in trading volume, which was up 404% from the average.
• Several analysts have updated their ratings for Kraken Robotics, with Desjardins and National Bankshares both raising their price targets to C$5.00 and assigning a "buy" or "outperform" rating, while Canaccord Genuity cut its rating to "hold."
• The company specializes in marine technology, manufacturing underwater robotic equipment and sensors for both military and commercial use, and has a current market capitalization of C$2.13 billion.

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

Analyst Ratings Changes

PNG has been the topic of several research analyst reports. Desjardins raised their price objective on 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. Scotiabank upgraded Kraken Robotics to a "strong-buy" rating in a research note on Thursday, August 14th. Raymond James Financial raised their price objective on Kraken Robotics from C$3.50 to C$4.00 and gave the stock an "outperform" rating in a research note on Friday, August 22nd. National Bankshares raised their price objective on Kraken Robotics from C$4.00 to C$5.00 and gave the stock an "outperform" rating in a research note on Thursday, September 11th. Finally, Canaccord Genuity Group cut Kraken Robotics from a "strong-buy" rating to a "hold" rating and raised their price objective for the stock from C$3.50 to C$4.00 in a research note on Thursday, July 24th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of C$4.10.

Kraken Robotics Price Performance

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 has a market capitalization of C$2.13 billion, a P/E ratio of 99.29 and a beta of 1.23. The business has a 50 day simple moving average of C$4.45 and a 200-day simple moving average of C$3.38.

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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