Kraken Robotics (CVE:PNG) Shares Up 15.3% - Time to Buy?

Key Points

• Kraken Robotics' share price surged by 15.3% to C$6.95 during mid-day trading, with over 5.7 million shares traded, significantly above its average volume.
• Brokerages have mixed views on the stock, with Canaccord Genuity lowering its rating to "hold" while others like Desjardins upgraded their price target, reflecting a consensus average rating of "Buy".
• The company holds a market cap of C$2.13 billion, alongside a price-to-earnings ratio of 99.29, indicating a strong but potentially overvalued stock.

Kraken Robotics Inc. (CVE:PNG - Get Free Report)'s share price shot up 15.3% during mid-day trading on Wednesday . The stock traded as high as C$7.29 and last traded at C$6.95. 5,771,133 shares changed hands during mid-day trading, an increase of 404% from the average session 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. Canaccord Genuity Group lowered shares of Kraken Robotics from a "strong-buy" rating to a "hold" rating and boosted their price target for the company from C$3.50 to C$4.00 in a report on Thursday, July 24th. Desjardins boosted 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. Raymond James Financial boosted their price target 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. Scotiabank raised shares of Kraken Robotics to a "strong-buy" rating in a report on Thursday, August 14th. Finally, National Bankshares boosted their price target 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 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. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of C$4.10.

Kraken Robotics Price Performance

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