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

Key Points

• Kraken Robotics' stock price increased by 15.3% on Wednesday, reaching C$6.95 after trading as high as C$7.29, with a significant trading volume of approximately 5.7 million shares.
• Analysts have boosted their price targets for Kraken Robotics, with Desjardins and National Bankshares both raising theirs to C$5.00 and giving the stock a "buy" rating.
• The company has a market capitalization of C$2.13 billion and a current consensus rating of "Buy" with a target price of C$4.10.

Kraken Robotics Inc. (CVE:PNG - Get Free Report)'s stock price rose 15.3% on Wednesday . 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.

Analysts Set New Price Targets

Several analysts have weighed in on PNG shares. Desjardins boosted their price objective on 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 raised their target price on shares of Kraken Robotics from C$4.00 to C$5.00 and gave the company an "outperform" rating in a research note on Thursday, September 11th. Canaccord Genuity Group lowered shares of Kraken Robotics from a "strong-buy" rating to a "hold" rating and raised their target price for the company from C$3.50 to C$4.00 in a research note on Thursday, July 24th. Scotiabank raised shares of Kraken Robotics to a "strong-buy" rating in a research note on Thursday, August 14th. Finally, Raymond James Financial raised their price objective on shares of 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. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Kraken Robotics presently has a consensus rating of "Buy" and a consensus target price of C$4.10.

Kraken Robotics Price Performance

The company has a market capitalization of C$2.13 billion, a price-to-earnings ratio of 99.29 and a beta of 1.23. The company has a 50-day moving average price of C$4.45 and a 200-day moving average price of C$3.38. The company has a debt-to-equity ratio of 34.32, a quick ratio of 0.64 and a current ratio of 2.78.

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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