Kraken Robotics (CVE:PNG) Trading Up 15.3% - Here's What Happened

Key Points

• Kraken Robotics' shares surged by 15.3% during mid-day trading, reaching a last traded price of C$6.95, compared to the previous closing of C$6.03.
• Analysts have raised their price targets for Kraken Robotics, with National Bankshares and Desjardins setting new targets at C$5.00, reflecting a positive outlook for the stock.
• The company has a market cap of C$2.13 billion and a current ratio of 2.78, indicating a solid financial position in the marine technology sector.

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

Analysts Set New Price Targets

Several equities analysts recently commented on PNG shares. National Bankshares upped their price objective on 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. Scotiabank upgraded Kraken Robotics to a "strong-buy" rating in a research note on Thursday, August 14th. Desjardins upped their price objective on 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. Raymond James Financial upped their price objective on Kraken Robotics from C$3.50 to C$4.00 and gave the company an "outperform" rating in a research note on Friday, August 22nd. Finally, Canaccord Genuity Group downgraded Kraken Robotics from a "strong-buy" rating to a "hold" rating and increased their target price for the stock from C$3.50 to C$4.00 in a research report on Thursday, July 24th. 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of C$4.10.

Kraken Robotics Trading Up 15.3%

The company has a quick ratio of 0.64, a current ratio of 2.78 and a debt-to-equity ratio of 34.32. The stock has a market cap of C$2.13 billion, a PE ratio of 99.29 and a beta of 1.23. The firm has a 50-day simple moving average of C$4.45 and a 200-day simple moving average of C$3.38.

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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