Kraken Robotics (CVE:PNG) Trading 15.3% Higher - Should You Buy?

Key Points

• Kraken Robotics Inc. shares surged by 15.3%, reaching a trading price of C$6.95 after previously closing at C$6.03, with a noticeable increase in trading volume to 5.77 million shares.
• Analysts have revised their price targets for Kraken Robotics, with ratings ranging from "hold" to "strong-buy," resulting in an average target price of C$4.10, indicating a positive sentiment among investment analysts.
• The company, which specializes in marine technology and underwater robotic equipment, has a market capitalization of C$2.13 billion and a price-to-earnings ratio of 99.29.

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

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Canaccord Genuity Group lowered Kraken Robotics from a "strong-buy" rating to a "hold" rating and lifted their target price for the stock from C$3.50 to C$4.00 in a report on Thursday, July 24th. National Bankshares raised their price target on 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 lifted their price objective on Kraken Robotics from C$3.50 to C$4.00 and gave the company an "outperform" rating in a report on Friday, August 22nd. Desjardins increased their target price on Kraken Robotics from C$4.00 to C$5.00 and gave the stock a "buy" rating in a research note on Friday, August 22nd. Finally, Scotiabank upgraded shares of Kraken Robotics to a "strong-buy" rating in a report on Thursday, August 14th. Two investment 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 company's stock. According to MarketBeat.com, Kraken Robotics presently has an average rating of "Buy" and an average price target of C$4.10.

Kraken Robotics Stock Up 15.3%

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 company has a market capitalization of C$2.13 billion, a price-to-earnings ratio of 99.29 and a beta of 1.23. The firm has a 50-day moving average price of C$4.45 and a two-hundred day moving average price of C$3.38.

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.

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