Kraken Robotics (CVE:PNG) Stock Price Up 5.6% - Here's Why

Key Points

• Stock up 5.6% — Kraken Robotics climbed to C$8.63 (intraday high C$8.75) on Wednesday with about 1.63M shares traded, below its average daily volume.
• Analyst views are mixed: ATB Cormark cut to "strong sell" (PT C$6.50) while National Bank Financial and Desjardins upgraded and raised targets to C$13 and C$14, leaving a MarketBeat consensus of Moderate Buy and an average target of C$8.75.
• Key fundamentals: market cap C$2.65B, very high P/E of 863, debt-to-equity 15.94, and 50/200-day moving averages of C$8.66 and C$7.32.

Kraken Robotics Inc. (CVE:PNG - Get Free Report) rose 5.6% during trading on Wednesday . The company traded as high as C$8.75 and last traded at C$8.63. Approximately 1,631,314 shares changed hands during trading, a decline of 14% from the average daily volume of 1,894,817 shares. The stock had previously closed at C$8.17.

Analyst Ratings Changes

PNG has been the topic of a number of research analyst reports. ATB Cormark Capital Markets lowered Kraken Robotics from a "hold" rating to a "strong sell" rating and increased their price target for the stock from C$5.50 to C$6.50 in a research report on Friday, March 13th. National Bank Financial upgraded Kraken Robotics from a "hold" rating to an "outperform" rating and increased their price target for the stock from C$8.75 to C$13.00 in a research report on Friday, March 13th. Finally, Desjardins increased their price target on Kraken Robotics from C$9.50 to C$14.00 and gave the stock a "buy" rating in a research report on Friday, March 13th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Kraken Robotics presently has a consensus rating of "Moderate Buy" and an average target price of C$8.75.

Kraken Robotics Price Performance

The stock has a market capitalization of C$2.65 billion, a P/E ratio of 863.00 and a beta of 0.80. The company has a debt-to-equity ratio of 15.94, a quick ratio of 0.64 and a current ratio of 5.53. The stock has a 50-day simple moving average of C$8.66 and a 200 day simple moving average of C$7.32.

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. It operates in two segments, Products, and Services. The company offers AquaPix miniature interferometric synthetic aperture sonar (MINSAS), a configurable MINSAS; and SeaPower, a pressure tolerant deep sea batteries.

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