Kraken Robotics (CVE:PNG) Shares Up 16.5% - What's Next?

Key Points

• Kraken Robotics Inc. experienced a significant stock price increase of 16.5% on Wednesday, reaching a last traded price of C$4.03.
• Analyst ratings show a positive outlook, with two analysts giving a "Strong Buy" rating and several increasing their target prices, indicating strong investor confidence.
• The company has a market cap of C$1.26 billion and a relatively high P/E ratio of 58.64, reflecting investor expectations for future growth.

Kraken Robotics Inc. (CVE:PNG - Get Free Report)'s stock price traded up 16.5% on Wednesday . The stock traded as high as C$4.05 and last traded at C$4.03. 2,415,500 shares were traded during mid-day trading, an increase of 136% from the average session volume of 1,024,644 shares. The stock had previously closed at C$3.46.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on PNG shares. National Bankshares increased their price objective on Kraken Robotics from C$4.00 to C$5.00 and gave the stock an "outperform" rating in a report on Thursday. Canaccord Genuity Group downgraded 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 report on Thursday, July 24th. Scotiabank upgraded Kraken Robotics to a "strong-buy" rating in a report on Thursday, August 14th. Desjardins increased their price objective on Kraken Robotics from C$4.00 to C$5.00 and gave the stock a "buy" rating in a report on Friday, August 22nd. Finally, Raymond James Financial increased their price objective on Kraken Robotics from C$3.50 to C$4.00 and gave the stock 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 given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of C$4.10.

Kraken Robotics Stock Up 0.2%

The company has a quick ratio of 0.64, a current ratio of 2.78 and a debt-to-equity ratio of 34.32. The company has a fifty day simple moving average of C$3.56 and a 200 day simple moving average of C$2.86. The firm has a market capitalization of C$1.28 billion, a P/E ratio of 59.86 and a beta of 0.91.

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.