Kraken Robotics (CVE:PNG) Trading Up 18.8% - What's Next?

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) shares traded up 18.8% during trading on Wednesday . The company traded as high as C$4.23 and last traded at C$4.11. 3,552,815 shares traded hands during mid-day trading, an increase of 244% from the average session volume of 1,033,059 shares. The stock had previously closed at C$3.46.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Scotiabank raised Kraken Robotics to a "strong-buy" rating in a research report on Thursday, August 14th. Raymond James Financial raised their price objective on shares of 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 shares of Kraken Robotics from C$4.00 to C$5.00 and gave the stock a "buy" rating in a research report on Friday, August 22nd. Finally, Canaccord Genuity Group downgraded shares of Kraken Robotics from a "strong-buy" rating to a "hold" rating and increased their target price for the company from C$3.50 to C$4.00 in a research report on Thursday, July 24th. Two equities 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. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of C$3.70.

Kraken Robotics Trading Up 17.6%

The business's 50-day moving average price is C$3.49 and its 200-day moving average price is C$2.82. The firm has a market capitalization of C$1.25 billion, a PE ratio of 58.14 and a beta of 0.91. The company has a debt-to-equity ratio of 34.32, a current ratio of 2.78 and a quick ratio of 0.64.

Insider Transactions at Kraken Robotics

In other Kraken Robotics news, Senior Officer Gregory Michael Reid sold 261,600 shares of Kraken Robotics stock in a transaction 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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