Kraken Robotics (CVE:PNG) Reaches New 12-Month Low - What's Next?

Key Points

• Kraken Robotics shares hit a new 52-week low, falling to C$4.31 during trading and last changing hands at C$4.32, down from the prior close of C$4.57.
• Analyst sentiment remains generally positive but price targets have been reduced or revised: five analysts rate the stock Buy and two rate it Hold, resulting in a “Moderate Buy” consensus and an average target of C$9.00.
• Insider activity was mixed, with directors selling 238,687 shares worth about C$1.49 million over the past three months, while one director purchased 10,000 shares. Insiders own approximately 10.13% of the company.

Kraken Robotics Inc. (CVE:PNG - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Monday. The stock traded as low as C$4.31 and last traded at C$4.32, with a volume of 541297 shares traded. The stock had previously closed at C$4.57.

Analysts Set New Price Targets

A number of equities research analysts recently commented on PNG shares. Desjardins lowered their price objective on shares of Kraken Robotics from C$13.50 to C$13.00 and set a "buy" rating on the stock in a research note on Friday, August 28th. ATB Cormark Capital Markets raised shares of Kraken Robotics from a "strong sell" rating to a "hold" rating in a report on Friday, August 28th. National Bank Financial cut their price objective on Kraken Robotics to C$10.00 in a research report on Friday, July 3rd. Raymond James Financial reduced their target price on Kraken Robotics from C$11.00 to C$8.00 and set an "outperform" rating on the stock in a research note on Friday, August 28th. Finally, Scotia increased their target price on Kraken Robotics from C$9.00 to C$12.00 and gave the company a "sector outperform" rating in a report on Friday, July 3rd. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of C$9.00.

Kraken Robotics Price Performance

The company has a market capitalization of C$1.60 billion, a price-to-earnings ratio of -215.25 and a beta of 0.84. The company has a current ratio of 1.33, a quick ratio of 0.64 and a debt-to-equity ratio of 16.99. The company's 50 day simple moving average is C$5.51 and its 200-day simple moving average is C$6.96.

Insiders Place Their Bets

In other news, Director Michael Shaun Mcewan sold 6,700 shares of Kraken Robotics stock in a transaction on Thursday, July 9th. The stock was sold at an average price of C$6.32, for a total value of C$42,344.00. Following the completion of the sale, the director owned 460,728 shares of the company's stock, valued at C$2,911,800.96. The trade was a 1.43% decrease in their ownership of the stock. Also, Director Donald Christopher Robertson bought 10,000 shares of the company's stock in a transaction that occurred on Wednesday, July 8th. The stock was acquired at an average price of C$6.05 per share, with a total value of C$60,500.00. Following the completion of the purchase, the director directly owned 10,000 shares of the company's stock, valued at approximately C$60,500. The trade was a ∞ increase in their position. In the last three months, insiders sold 238,687 shares of company stock valued at $1,485,800. Company 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. It operates in two segments, Products, and Services. The company offers AquaPix miniature interferometric synthetic aperture sonar (MINSAS), a configurable MINSAS; and SeaPower, a pressure tolerant deep sea batteries.

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