Kraken Robotics (CVE:PNG) Shares Up 18.8% - Time to Buy?

Key Points

• Kraken Robotics Inc. shares surged by 18.8%, reaching a last traded price of C$4.11, with trading volume increasing by 244% compared to average session volume.
• Analysts have varying outlooks, with Desjardins increasing their price target from C$4.00 to C$5.00 and assigning a "buy" rating, while Canaccord Genuity downgraded their rating from "strong-buy" to "hold".
• The company has a market capitalization of C$1.25 billion, with a P/E ratio of 58.14 and insider ownership at 10.13%.

Shares of Kraken Robotics Inc. (CVE:PNG - Get Free Report) shot up 18.8% on Wednesday . The company traded as high as C$4.23 and last traded at C$4.11. 3,552,815 shares traded hands during mid-day trading, an increase of 244% from the average session volume of 1,033,059 shares. The stock had previously closed at C$3.46.

Wall Street Analyst Weigh In

PNG has been the topic of several recent analyst reports. Raymond James Financial lifted their price target on Kraken Robotics from C$3.50 to C$4.00 and gave the company an "outperform" rating in a research note on Friday, August 22nd. Desjardins raised their price objective on Kraken Robotics from C$4.00 to C$5.00 and gave the company a "buy" rating in a research note on Friday, August 22nd. Canaccord Genuity Group cut Kraken Robotics from a "strong-buy" rating to a "hold" rating and lifted their target price for the company from C$3.50 to C$4.00 in a research report on Thursday, July 24th. Finally, Scotiabank raised shares of Kraken Robotics to a "strong-buy" rating in a report on Thursday, August 14th. Two investment 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. According to data from MarketBeat, Kraken Robotics has a consensus rating of "Buy" and an average price target of C$3.70.

Kraken Robotics Stock Up 17.6%

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 has a market capitalization of C$1.25 billion, a P/E ratio of 58.14 and a beta of 0.91. The firm has a 50-day simple moving average of C$3.49 and a 200 day simple moving average of C$2.82.

Insider Transactions at Kraken Robotics

In other 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 transaction of C$753,408.00. Company insiders own 10.13% of the company's stock.

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.

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