Kraken Robotics (CVE:PNG) Shares Up 18.8% - Here's What Happened

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) were up 18.8% during trading on Wednesday . The stock traded as high as C$4.23 and last traded at C$4.11. Approximately 3,552,815 shares were traded during trading, an increase of 244% from the average daily volume of 1,033,059 shares. The stock had previously closed at C$3.46.

Wall Street Analyst Weigh In

Several research analysts have issued reports on PNG shares. Scotiabank raised Kraken Robotics to a "strong-buy" rating in a research report on Thursday, August 14th. Raymond James Financial raised their target price on Kraken Robotics from C$3.50 to C$4.00 and gave the stock an "outperform" rating in a research report on Friday, August 22nd. National Bankshares raised their target price on Kraken Robotics from C$4.00 to C$5.00 and gave the stock an "outperform" rating in a research report on Thursday. Canaccord Genuity Group cut Kraken Robotics from a "strong-buy" rating to a "hold" rating and upped their price target for the stock from C$3.50 to C$4.00 in a research report on Thursday, July 24th. Finally, Desjardins upped their price target on Kraken Robotics from C$4.00 to C$5.00 and gave the stock a "buy" rating in a research report on Friday, August 22nd. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, Kraken Robotics presently has an average rating of "Buy" and a consensus target price of C$4.10.

Kraken Robotics Stock Up 0.2%

The company has a 50-day moving average price of C$3.56 and a 200 day moving average price of C$2.86. The firm has a market capitalization of C$1.28 billion, a PE ratio of 59.86 and a beta of 0.91. The company has a debt-to-equity ratio of 34.32, a current ratio of 2.78 and a quick ratio of 0.64.

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.