Kraken Robotics (CVE:PNG) Trading 16.2% Higher - What's Next?

Key Points

• Kraken Robotics shares increased by 16.2%, reaching a recent trade value of C$4.02, significantly above its previous close of C$3.46.
• Brokerages have raised their price targets for Kraken Robotics, with Desjardins setting a target of C$5.00 and two analysts rating the stock as a Strong Buy.
• The company has a market capitalization of C$1.26 billion and recent insider activity saw a senior officer sell over 261,000 shares at an average price of C$2.88.

Kraken Robotics Inc. (CVE:PNG - Get Free Report)'s stock price rose 16.2% on Wednesday . The company traded as high as C$4.05 and last traded at C$4.02. Approximately 2,479,807 shares were traded during trading, an increase of 142% from the average daily volume of 1,024,644 shares. The stock had previously closed at C$3.46.

Wall Street Analyst Weigh In

A number of research firms recently commented on PNG. National Bankshares raised their price objective on shares of Kraken Robotics from C$4.00 to C$5.00 and gave the stock an "outperform" rating in a research note on Thursday. Raymond James Financial raised 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 note on Friday, August 22nd. Desjardins raised their price objective on shares of 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 raised shares of Kraken Robotics to a "strong-buy" rating in a research note on Thursday, August 14th. Finally, Canaccord Genuity Group lowered shares of 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 analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of C$4.10.

Kraken Robotics Trading Up 0.2%

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 company has a market cap of C$1.28 billion, a PE ratio of 59.86 and a beta of 0.91. The business's 50-day simple moving average is C$3.58 and its 200-day simple moving average is C$2.88.

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.