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

Key Points

• Kraken Robotics' stock price surged by 15.3% to C$6.95 on Tuesday, with trading volume increasing by 404% compared to the average.
• Multiple analyst reports have updated their ratings for Kraken Robotics, with some firms such as Canaccord Genuity and Scotiabank giving it a "strong-buy" rating, contributing to an average price target of C$4.10.
• The company specializes in marine technology, with products including sonar and optical sensors for unmanned underwater vehicles, and is expanding its market presence internationally.

Kraken Robotics Inc. (CVE:PNG - Get Free Report)'s stock price traded up 15.3% on Tuesday . The stock traded as high as C$7.29 and last traded at C$6.95. 5,771,133 shares traded hands during trading, an increase of 404% from the average session volume of 1,145,659 shares. The stock had previously closed at C$6.03.

Wall Street Analysts Forecast Growth

PNG has been the topic of several recent analyst reports. Canaccord Genuity Group downgraded 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 report on Thursday, July 24th. 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. Raymond James Financial raised 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 research report on Friday, August 22nd. Desjardins boosted their price objective 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. Finally, Scotiabank raised Kraken Robotics to a "strong-buy" rating in a research report on Thursday, August 14th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of C$4.10.

Kraken Robotics Price Performance

The company has a quick ratio of 0.64, a current ratio of 2.78 and a debt-to-equity ratio of 34.32. The firm's fifty day moving average price is C$4.39 and its two-hundred day moving average price is C$3.36. The stock has a market capitalization of C$2.13 billion, a PE 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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