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

Key Points

• Kraken Robotics' stock rose by 15.3% to C$6.95 after trading as high as C$7.29, with a significant trading volume increase of 404% compared to its average session.
• Analysts have mixed ratings for Kraken Robotics, with Canaccord Genuity downgrading it from "strong-buy" to "hold," while both National Bankshares and Desjardins raised their price targets and reaffirmed buy ratings.
• The company, which specializes in marine technology and underwater robotics, has a market capitalization of C$2.13 billion and a current consensus target price of C$4.10.

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

Analyst Ratings Changes

Several analysts have weighed in on PNG shares. Raymond James Financial boosted their price objective on Kraken Robotics from C$3.50 to C$4.00 and gave the stock an "outperform" rating in a report on Friday, August 22nd. Desjardins boosted their price objective on Kraken Robotics from C$4.00 to C$5.00 and gave the stock a "buy" rating in a report on Friday, August 22nd. Canaccord Genuity Group cut Kraken Robotics from a "strong-buy" rating to a "hold" rating and boosted their price objective for the stock from C$3.50 to C$4.00 in a report on Thursday, July 24th. National Bankshares boosted their price objective on Kraken Robotics from C$4.00 to C$5.00 and gave the stock an "outperform" rating in a report on Thursday, September 11th. Finally, Scotiabank raised Kraken Robotics to a "strong-buy" rating in a research note on Thursday, August 14th. Two 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 company's stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of C$4.10.

Kraken Robotics Price Performance

The company has a debt-to-equity ratio of 34.32, a quick ratio of 0.64 and a current ratio of 2.78. The company has a 50-day moving average of C$4.45 and a 200-day moving average of C$3.38. The firm has a market capitalization 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.