Kraken Robotics (CVE:PNG) Shares Up 15.3% - Still a Buy?

Key Points

• Kraken Robotics Inc.'s stock price surged by 15.3% on Wednesday, reaching a high of C$7.29 before closing at C$6.95, with trading volume increasing by 404% compared to the average.
• Multiple brokerages have upgraded their ratings on Kraken Robotics, with Desjardins and National Bankshares raising their price targets to C$5.00 and giving the stock a "buy" and "outperform" rating, respectively.
• The company has a market capitalization of C$2.13 billion, a price-to-earnings ratio of 99.29, and currently holds an average rating of "Buy" with a consensus price target of C$4.10.

Kraken Robotics Inc. (CVE:PNG - Get Free Report)'s stock price was up 15.3% on Wednesday . The stock traded as high as C$7.29 and last traded at C$6.95. Approximately 5,771,133 shares traded 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.

Wall Street Analyst Weigh In

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

Kraken Robotics Stock Performance

The stock has a market cap of C$2.13 billion, a price-to-earnings ratio of 99.29 and a beta of 1.23. 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 stock's 50-day moving average is C$4.45 and its 200-day moving average is C$3.38.

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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