Kraken Robotics (CVE:PNG) Trading 16.6% Higher - Here's Why

Key Points

• Kraken Robotics' shares surged 16.6% during trading, reaching a high of C$7.29, significantly increasing trading volume by 256% from the average.
• A number of analysts have upgraded the stock's ratings, with Scotiabank issuing a "strong-buy" rating and increasing price targets from C$4.00 to C$5.00.
• The company's market capitalization is C$2.13 billion, and it operates in the marine technology sector, focusing on sonar and optical sensors for underwater vehicles.

Shares of Kraken Robotics Inc. (CVE:PNG - Get Free Report) traded up 16.6% during trading on Tuesday . The company traded as high as C$7.29 and last traded at C$7.03. 4,033,042 shares were traded during mid-day trading, an increase of 256% from the average session volume of 1,133,519 shares. The stock had previously closed at C$6.03.

Wall Street Analysts Forecast Growth

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

Kraken Robotics Stock Performance

The company has a current ratio of 2.78, a quick ratio of 0.64 and a debt-to-equity ratio of 34.32. The stock has a market capitalization of C$2.13 billion, a PE ratio of 99.57 and a beta of 1.23. The firm's fifty day moving average price is C$4.39 and its two-hundred day moving average price is C$3.36.

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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