Kraken Robotics (CVE:PNG) Trading Up 15.3% - Time to Buy?

Key Points

• Kraken Robotics shares surged by 15.3%, closing at C$6.95 after trading as high as C$7.29, significantly increasing the trading volume to over 5.7 million shares.
• Analysts have issued varied ratings for the stock, with recent upgrades setting a price target range from C$4.00 to C$5.00, reflecting positive sentiment surrounding the company's future prospects.
• The company specializes in marine technology, providing sonar and optical sensors for unmanned underwater vehicles used in various global markets.

Kraken Robotics Inc. (CVE:PNG - Get Free Report)'s share price traded up 15.3% on Wednesday . The company traded as high as C$7.29 and last traded at C$6.95. 5,771,133 shares were traded 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 Analysts Forecast Growth

A number of brokerages have recently weighed in on PNG. Desjardins lifted their price objective on Kraken Robotics from C$4.00 to C$5.00 and gave the stock a "buy" rating in a research report on Friday, August 22nd. Scotiabank upgraded Kraken Robotics to a "strong-buy" rating in a research note on Thursday, August 14th. Raymond James Financial lifted their price target on 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. National Bankshares increased 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 report on Thursday, September 11th. Finally, Canaccord Genuity Group cut shares of 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. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock 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 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 50-day moving average price of C$4.45 and a 200 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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