Kraken Robotics (CVE:PNG) Stock Price Up 15.3% - Here's What Happened

Key Points

• Kraken Robotics' stock price surged 15.3% on Tuesday, closing at C$6.95 after reaching a high of C$7.29, with trading volume increasing by 404% compared to the average.
• Multiple analysts have upgraded their ratings, with National Bankshares and Desjardins raising their price targets to C$5.00, while Canaccord Genuity downgraded to a "hold" rating but adjusted its target to C$4.00.
• Kraken Robotics, a marine technology firm, specializes in designing and manufacturing sonar and robotic equipment for unmanned underwater vehicles across various international markets.

Shares of Kraken Robotics Inc. (CVE:PNG - Get Free Report) rose 15.3% during mid-day trading on Tuesday . The company traded as high as C$7.29 and last traded at C$6.95. Approximately 5,771,133 shares were traded during mid-day trading, an increase of 404% from the average daily volume of 1,145,659 shares. The stock had previously closed at C$6.03.

Analyst Ratings Changes

PNG has been the subject of a number of recent research reports. Canaccord Genuity Group cut shares of Kraken Robotics from a "strong-buy" rating to a "hold" rating and increased their price objective for the company from C$3.50 to C$4.00 in a research note on Thursday, July 24th. Desjardins upped their target price on shares of Kraken Robotics from C$4.00 to C$5.00 and gave the stock a "buy" rating in a report on Friday, August 22nd. National Bankshares upped their target price on shares of Kraken Robotics from C$4.00 to C$5.00 and gave the stock an "outperform" rating in a report on Thursday, September 11th. Scotiabank raised shares of Kraken Robotics to a "strong-buy" rating in a report on Thursday, August 14th. Finally, Raymond James Financial upped their target price on shares of 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 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. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of C$4.10.

Kraken Robotics Trading Up 15.3%

The company's fifty day moving average price is C$4.45 and its two-hundred day moving average price is C$3.38. The company has a current ratio of 2.78, a quick ratio of 0.64 and a debt-to-equity ratio of 34.32. The firm has a market cap of C$2.13 billion, a P/E ratio of 99.29 and a beta of 1.23.

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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