Kraken Robotics (CVE:PNG) Stock Price Down 5.5% - Here's What Happened

Key Points

• PNG fell 5.5% intraday Monday to C$7.75 (low C$7.55) with about 716,760 shares traded, roughly 64% below its average daily volume.
• Analyst views are mixed but the consensus is a Moderate Buy with an average price target of C$8.75, while individual targets range from C$5.50 to C$14.00 and ratings span from Strong Sell to Strong Buy.
• C$2.32 billion market cap company with a high PE of 108.14, Kraken Robotics makes sonar and optical sensors, batteries and underwater robotic equipment for unmanned underwater vehicles.

Kraken Robotics Inc. (CVE:PNG - Get Free Report)'s stock price was down 5.5% during trading on Monday . The stock traded as low as C$7.55 and last traded at C$7.75. Approximately 716,760 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 2,009,832 shares. The stock had previously closed at C$8.20.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on PNG shares. ATB Cormark Capital Markets downgraded shares of Kraken Robotics from a "hold" rating to a "strong sell" rating and lifted their price target for the company from C$5.50 to C$6.50 in a report on Friday, March 13th. Desjardins raised their price objective on shares of Kraken Robotics from C$9.50 to C$14.00 and gave the company a "buy" rating in a research report on Friday, March 13th. Finally, National Bank Financial upgraded shares of Kraken Robotics from a "hold" rating to an "outperform" rating and lifted their target price for the company from C$8.75 to C$13.00 in a research note on Friday, March 13th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of C$8.75.

Kraken Robotics Trading Down 7.7%

The company has a debt-to-equity ratio of 16.12, a quick ratio of 0.64 and a current ratio of 7.30. The company has a market capitalization of C$2.32 billion, a PE ratio of 108.14 and a beta of 0.72. The stock has a fifty day moving average of C$8.53 and a 200 day moving average of C$6.84.

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. It operates in two segments, Products, and Services. The company offers AquaPix miniature interferometric synthetic aperture sonar (MINSAS), a configurable MINSAS; and SeaPower, a pressure tolerant deep sea batteries.

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