Kraken Robotics (CVE:PNG) Trading Up 18.8% - Here's Why

Key Points

• Kraken Robotics' shares surged 18.8% on Wednesday, reaching a high of C$4.23 before closing at C$4.11, significantly increasing trading volume to 3.55 million shares.
• Various analysts have provided conflicting ratings for Kraken Robotics, with two rating it as a Strong Buy and one rating it as Hold, while the consensus target price is C$3.70.
• The firm's market capitalization stands at C$1.25 billion, alongside a PE ratio of 58.14, indicating its growth potential but also suggesting a relatively high valuation.

Kraken Robotics Inc. (CVE:PNG - Get Free Report)'s share price shot up 18.8% on Wednesday . The company traded as high as C$4.23 and last traded at C$4.11. 3,552,815 shares changed hands during trading, an increase of 244% from the average session volume of 1,033,059 shares. The stock had previously closed at C$3.46.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PNG. Canaccord Genuity Group lowered Kraken Robotics from a "strong-buy" rating to a "hold" rating and raised their price objective for the company from C$3.50 to C$4.00 in a research report on Thursday, July 24th. National Bankshares raised their price objective on Kraken Robotics from C$4.00 to C$5.00 and gave the company an "outperform" rating in a research report on Thursday. Scotiabank upgraded shares of Kraken Robotics to a "strong-buy" rating in a research report on Thursday, August 14th. Desjardins upped 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 report on Friday, August 22nd. Finally, Raymond James Financial upped 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 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 issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of C$4.10.

Kraken Robotics Stock Performance

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 business's 50 day moving average is C$3.56 and its 200 day moving average is C$2.86. The stock has a market capitalization of C$1.28 billion, a PE ratio of 59.86 and a beta of 0.91.

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.