Kraken Robotics (CVE:PNG) Shares 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.

Shares of Kraken Robotics Inc. (CVE:PNG - Get Free Report) rose 16.5% during trading on Wednesday . The company traded as high as C$4.05 and last traded at C$4.03. Approximately 2,415,500 shares traded 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.

Analyst Ratings Changes

PNG has been the subject of a number of recent research reports. Raymond James Financial boosted their price target 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. Desjardins boosted their price target 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. Canaccord Genuity Group lowered shares of Kraken Robotics from a "strong-buy" rating to a "hold" rating and boosted their price target for the company from C$3.50 to C$4.00 in a research note on Thursday, July 24th. National Bankshares boosted their price target on shares of Kraken Robotics from C$4.00 to C$5.00 and gave the company an "outperform" rating in a research note on Thursday. Finally, Scotiabank upgraded shares of Kraken Robotics to a "strong-buy" rating in a research note on Thursday, August 14th. Two 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. According to MarketBeat, Kraken Robotics currently has an average rating of "Buy" and a consensus price target of C$4.10.

Kraken Robotics Stock Performance

The stock has a market capitalization of C$1.28 billion, a P/E ratio of 59.86 and a beta of 0.91. The company has a 50 day simple moving average of C$3.56 and a 200-day simple moving average of C$2.86. The company has a debt-to-equity ratio of 34.32, a current ratio of 2.78 and a quick ratio of 0.64.

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.