Kraken Robotics (CVE:PNG) Trading Up 16.2% - Still a Buy?

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.

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

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PNG. Scotiabank upgraded shares of Kraken Robotics to a "strong-buy" rating in a research report on Thursday, August 14th. Desjardins raised 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. Canaccord Genuity Group downgraded shares of Kraken Robotics from a "strong-buy" rating to a "hold" rating and raised their price target for the company from C$3.50 to C$4.00 in a report on Thursday, July 24th. National Bankshares raised 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. Finally, Raymond James Financial raised 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. Two equities research 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.com, Kraken Robotics presently has a consensus rating of "Buy" and an average target price of C$4.10.

Kraken Robotics Stock Up 3.4%

The firm has a market cap of C$1.30 billion, a P/E ratio of 60.57 and a beta of 0.91. The business's fifty day moving average price is C$3.54 and its two-hundred day moving average price is C$2.84. The company has a current ratio of 2.78, a quick ratio of 0.64 and a debt-to-equity ratio of 34.32.

Insider Buying and Selling at Kraken Robotics

In related news, Senior Officer Gregory Michael Reid sold 261,600 shares of the firm's stock in a transaction on Friday, June 13th. The shares were sold at an average price of C$2.88, for a total value of C$753,408.00. Corporate insiders own 10.13% of the company's stock.

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.