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

Key Points

• Kraken Robotics' stock price increased by 15.3%, reaching as high as C$7.29 during mid-day trading, significantly surpassing its previous close of C$6.03.
• Several analysts upgraded their ratings, with Scotiabank giving a "strong-buy" rating and others raising their price targets, indicating positive market sentiment.
• The company operates in the marine technology sector, focusing on underwater robotics and sensor technology for various military and commercial applications globally.

Kraken Robotics Inc. (CVE:PNG - Get Free Report) shares 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 changed hands 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

PNG has been the topic of a number of research analyst reports. Raymond James Financial lifted their price target on shares of Kraken Robotics from C$3.50 to C$4.00 and gave the company an "outperform" rating in a report on Friday, August 22nd. Desjardins lifted their price target 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. Scotiabank upgraded shares of Kraken Robotics to a "strong-buy" rating in a report on Thursday, August 14th. National Bankshares lifted their price target on shares of Kraken Robotics from C$4.00 to C$5.00 and gave the company an "outperform" rating in a report on Thursday, September 11th. Finally, Canaccord Genuity Group lowered shares of Kraken Robotics from a "strong-buy" rating to a "hold" rating and lifted their price target for the company from C$3.50 to C$4.00 in a 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 issued a Hold rating to the stock. Based on data from MarketBeat, Kraken Robotics presently has an average rating of "Buy" and a consensus price target of C$4.10.

Kraken Robotics Price Performance

The company has a debt-to-equity ratio of 34.32, a quick ratio of 0.64 and a current ratio of 2.78. The stock has a market cap of C$2.13 billion, a price-to-earnings ratio of 99.29 and a beta of 1.23. The business's fifty day simple moving average is C$4.45 and its 200 day simple moving average is C$3.38.

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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