Kraken Robotics (CVE:PNG) Stock Price Up 15.3% - Time to Buy?

Key Points

• Kraken Robotics' stock surged by 15.3% on Tuesday, reaching a trading high of C$7.29 before closing at C$6.95, with trading volume increasing to 5,771,133 shares, a 404% rise from its average.
• Analysts have varied opinions on Kraken Robotics, with target price increases from Raymond James and Desjardins, while Canaccord Genuity downgraded the stock from "strong-buy" to "hold," resulting in a consensus rating of "Buy."
• The company has a market capitalization of C$2.13 billion and a price-to-earnings ratio of 99.29, indicating its growth prospects amid market fluctuations.

Kraken Robotics Inc. (CVE:PNG - Get Free Report) shares were up 15.3% during trading on Tuesday . The stock traded as high as C$7.29 and last traded at C$6.95. Approximately 5,771,133 shares were traded during 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 Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Raymond James Financial increased their target price on Kraken Robotics from C$3.50 to C$4.00 and gave the stock an "outperform" rating in a research note on Friday, August 22nd. Canaccord Genuity Group cut shares of Kraken Robotics from a "strong-buy" rating to a "hold" rating and increased their price target for the stock from C$3.50 to C$4.00 in a research report on Thursday, July 24th. Desjardins lifted their price objective on shares of Kraken Robotics from C$4.00 to C$5.00 and gave the company 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 research note on Thursday, September 11th. Finally, Scotiabank raised shares of Kraken Robotics to a "strong-buy" rating in a research report on Thursday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of C$4.10.

Kraken Robotics Stock Up 15.3%

The firm's fifty day simple moving average is C$4.39 and its 200 day simple moving average is C$3.36. 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 company has a market cap of C$2.13 billion, a price-to-earnings ratio of 99.29 and a beta of 1.23.

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.

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