Kraken Robotics (CVE:PNG) Stock Price Up 17.3% - 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 traded up 17.3% during trading on Wednesday . The stock traded as high as C$4.23 and last traded at C$4.06. 4,097,948 shares changed hands during trading, an increase of 295% from the average session volume of 1,038,323 shares. The stock had previously closed at C$3.46.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Scotiabank upgraded shares of Kraken Robotics to a "strong-buy" rating in a research report on Thursday, August 14th. Desjardins raised 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 research report on Friday, August 22nd. Canaccord Genuity Group lowered shares of Kraken Robotics from a "strong-buy" rating to a "hold" rating and raised their price target for the company from C$3.50 to C$4.00 in a research report on Thursday, July 24th. Finally, Raymond James Financial lifted 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. Two equities research 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. According to MarketBeat, Kraken Robotics presently has a consensus rating of "Buy" and a consensus price target of C$3.70.

Kraken Robotics Stock Up 18.5%

The company has a debt-to-equity ratio of 34.32, a current ratio of 2.78 and a quick ratio of 0.64. The stock has a 50 day moving average price of C$3.49 and a 200-day moving average price of C$2.82. The stock has a market capitalization of C$1.26 billion, a P/E ratio of 58.57 and a beta of 0.91.

Insider Buying and Selling

In other news, Senior Officer Gregory Michael Reid sold 261,600 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of C$2.88, for a total value of C$753,408.00. 10.13% of the stock is owned by company insiders.

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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