Kraken Robotics (CVE:PNG) Trading 17.3% Higher - Should You Buy?

Key Points

• Kraken Robotics shares surged by 17.3% to C$4.06, significantly above its previous close of C$3.46, with trading volume jumping to 4,097,948 shares.
• Analysts have a positive outlook, with a consensus rating of "Buy" and a price target ranging from C$4.00 to C$5.00, reflecting strong interest in the stock.
• Insider trading activity was noted, as Senior Officer Gregory Michael Reid sold 261,600 shares at an average price of C$2.88, indicating some cashing out by company insiders.

Kraken Robotics Inc. (CVE:PNG - Get Free Report) shares were up 17.3% on Wednesday . The company traded as high as C$4.23 and last traded at C$4.06. Approximately 4,097,948 shares changed hands during mid-day trading, an increase of 295% from the average daily volume of 1,038,323 shares. The stock had previously closed at C$3.46.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on PNG shares. 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. National Bankshares boosted their price objective 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. Canaccord Genuity Group lowered shares of Kraken Robotics from a "strong-buy" rating to a "hold" rating and boosted their price objective for the stock from C$3.50 to C$4.00 in a report on Thursday, July 24th. Scotiabank upgraded shares of Kraken Robotics to a "strong-buy" rating in a report on Thursday, August 14th. Finally, Raymond James Financial upped 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. Two 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of C$4.10.

Kraken Robotics Trading Up 0.2%

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's 50-day simple moving average is C$3.58 and its 200-day simple moving average is C$2.88. The firm has a market capitalization of C$1.28 billion, a PE ratio of 59.86 and a beta of 0.91.

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.