Kraken Robotics (CVE:PNG) Stock Price Up 13.3% - Here's What Happened

Key Points

• Kraken Robotics Inc. shares surged by 13.3% during trading, unlocking a new high of C$7.29, with a notable trading volume increase of 355% compared to its average session.
• Analysts have predominantly upgraded Kraken Robotics' stock ratings, with Scotiabank labeling it a "strong-buy" and several firms adjusting their target prices upward, reflecting positive market sentiment.
• The company's market cap stands at C$2.10 billion, with a high P/E ratio of 98.00 and a current ratio of 2.78, indicating strong short-term liquidity despite a significant debt-to-equity ratio of 34.32.

Kraken Robotics Inc. (CVE:PNG - Get Free Report) shares traded up 13.3% during mid-day trading on Tuesday . The stock traded as high as C$7.29 and last traded at C$6.83. 5,199,603 shares changed hands during trading, an increase of 355% from the average session volume of 1,141,519 shares. The stock had previously closed at C$6.03.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PNG. Scotiabank raised Kraken Robotics to a "strong-buy" rating in a research report on Thursday, August 14th. National Bankshares raised their target price on Kraken Robotics from C$4.00 to C$5.00 and gave the company an "outperform" rating in a report on Thursday, September 11th. Desjardins increased their price target 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. 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. Finally, Canaccord Genuity Group lowered Kraken Robotics from a "strong-buy" rating to a "hold" rating and lifted their price objective for the stock from C$3.50 to C$4.00 in a research report on Thursday, July 24th. 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of C$4.10.

Kraken Robotics Price Performance

The business's fifty day simple moving average is C$4.39 and its 200-day simple moving average is C$3.36. The firm has a market cap of C$2.10 billion, a P/E ratio of 98.00 and a beta of 1.23. The company has a current ratio of 2.78, a quick ratio of 0.64 and a debt-to-equity ratio of 34.32.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.