Kraken Robotics (CVE:PNG) Trading 15.3% Higher - Here's Why

Key Points

• Kraken Robotics shares surged by 15.3% to C$6.95, with trading volume increasing by 404% compared to the average session.
• Several analysts have upgraded their ratings on Kraken Robotics, with the consensus rating now being "Buy" and an average price target of C$4.10.
• The company's market capitalization stands at C$2.13 billion, with a PE ratio of 99.29, indicating a strong interest in its marine technology products for military and commercial applications.

Kraken Robotics Inc. (CVE:PNG - Get Free Report) shares traded up 15.3% on Tuesday . The company 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 Analyst Weigh In

A number of equities analysts recently weighed in on the stock. National Bankshares boosted their price target on shares of Kraken Robotics from C$4.00 to C$5.00 and gave the stock an "outperform" rating in a research report on Thursday, September 11th. Raymond James Financial boosted their price target on shares of Kraken Robotics from C$3.50 to C$4.00 and gave the stock an "outperform" rating in a research report on Friday, August 22nd. Scotiabank upgraded shares of Kraken Robotics to a "strong-buy" rating in a research report on Thursday, August 14th. Canaccord Genuity Group lowered shares of Kraken Robotics from a "strong-buy" rating to a "hold" rating and boosted their target price for the company from C$3.50 to C$4.00 in a report on Thursday, July 24th. Finally, Desjardins boosted their target price 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. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of C$4.10.

Kraken Robotics Stock Up 15.3%

The business's 50 day moving average price is C$4.45 and its 200-day moving average price is C$3.38. The firm has a market capitalization of C$2.13 billion, a PE ratio of 99.29 and a beta of 1.23. The company has a debt-to-equity ratio of 34.32, a quick ratio of 0.64 and a current ratio of 2.78.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.