Kraken Robotics (CVE:PNG) Trading Up 15.3% - What's Next?

Key Points

• Shares of Kraken Robotics Inc. increased by 15.3% to close at C$6.95, marking a significant trading volume surge of 404% compared to average daily volumes.
• Equities analysts have raised target prices for Kraken Robotics, with predictions reaching up to C$5.00, indicating a generally favorable outlook with multiple analysts issuing "buy" or "strong buy" ratings.
• The company specializes in marine technology, developing sonar and optical sensors as well as underwater robotic equipment for military and commercial use across several global markets.

Kraken Robotics Inc. (CVE:PNG - Get Free Report)'s share price traded up 15.3% during trading on Tuesday . The stock 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 equities research analysts recently commented on the stock. National Bankshares boosted their price objective 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. 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 research note on Friday, August 22nd. Scotiabank raised shares of Kraken Robotics to a "strong-buy" rating in a research note on Thursday, August 14th. Canaccord Genuity Group downgraded 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 research note on Thursday, July 24th. Finally, Raymond James Financial boosted 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 research note on Friday, August 22nd. Two investment 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 company presently has an average rating of "Buy" and an average target price of C$4.10.

Kraken Robotics Stock Performance

The stock's 50 day moving average price is C$4.45 and its 200 day moving average price is C$3.38. 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 company has a market cap of C$2.13 billion, a price-to-earnings ratio of 99.29 and a beta of 1.23.

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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