Kraken Robotics (CVE:PNG) Shares Up 15.3% - Should You Buy?

Key Points

• Kraken Robotics' shares rose 15.3% on Wednesday, closing at C$6.95 after trading as high as C$7.29, with a trading volume increase of 404% over the average.
• A mix of analysts have recently revised their ratings, with two giving a Strong Buy, three a Buy, and one a Hold, leading to a consensus rating of "Buy" and a target price of C$4.10.
• The company specializes in marine technology, including the design and manufacture of sonar and optical sensors for unmanned underwater vehicles in military and commercial applications.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on PNG shares. Canaccord Genuity Group cut shares of Kraken Robotics from a "strong-buy" rating to a "hold" rating and increased their price objective for the stock from C$3.50 to C$4.00 in a research report on Thursday, July 24th. Raymond James Financial increased their price objective on shares of Kraken Robotics from C$3.50 to C$4.00 and gave the stock an "outperform" rating in a research report on Friday, August 22nd. Scotiabank raised shares of Kraken Robotics to a "strong-buy" rating in a research report on Thursday, August 14th. Desjardins raised their price objective on shares of Kraken Robotics from C$4.00 to C$5.00 and gave the company a "buy" rating in a report on Friday, August 22nd. Finally, National Bankshares raised their price objective on shares of Kraken Robotics from C$4.00 to C$5.00 and gave the company an "outperform" rating in a report on Thursday, September 11th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Kraken Robotics currently has a consensus rating of "Buy" and a consensus target price of C$4.10.

Kraken Robotics Price Performance

The company's 50 day moving average is C$4.45 and its 200 day moving average is C$3.38. The company has a current ratio of 2.78, a quick ratio of 0.64 and a debt-to-equity ratio of 34.32. 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.

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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