Kraken Robotics (CVE:PNG) Trading Up 16.5% - Should You Buy?

Key Points

• Kraken Robotics' stock price surged by 16.5% during mid-day trading, reaching C$4.03, with trading volume increasing by 136% compared to its daily average.
• Equities analysts have varied opinions on Kraken, with Canaccord Genuity downgrading their rating to "hold," while Desjardins and Scotiabank upgraded their price targets to C$5.00 and issued "buy" and "strong-buy" ratings respectively.
• Insider trading activity saw Senior Officer Gregory Michael Reid sell 261,600 shares at an average price of C$2.88, indicating significant insider selling amid fluctuating stock prices.

Kraken Robotics Inc. (CVE:PNG - Get Free Report)'s stock price was up 16.5% during mid-day trading on Wednesday . The company traded as high as C$4.05 and last traded at C$4.03. Approximately 2,415,500 shares changed hands during trading, an increase of 136% from the average daily volume of 1,024,644 shares. The stock had previously closed at C$3.46.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PNG shares. 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. 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. Scotiabank upgraded Kraken Robotics to a "strong-buy" rating in a report on Thursday, August 14th. Finally, 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. Two research 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 stock. Based on data from MarketBeat, Kraken Robotics has a consensus rating of "Buy" and an average price target of C$3.70.

Kraken Robotics Trading Up 18.6%

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 business's 50-day moving average price is C$3.49 and its two-hundred day moving average price is C$2.82. The company has a market capitalization of C$1.26 billion, a price-to-earnings ratio of 58.64 and a beta of 0.91.

Insider Buying and Selling at Kraken Robotics

In other news, Senior Officer Gregory Michael Reid sold 261,600 shares of Kraken Robotics stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of C$2.88, for a total value of C$753,408.00. Insiders own 10.13% of the company's stock.

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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