Kraken Robotics (CVE:PNG) Trading Down 5.5% – Here’s What Happened

Shares of Kraken Robotics Inc. (CVE:PNG) dropped 5.5% on Monday . The stock traded as low as C$7.55 and last traded at C$7.75. Approximately 716,760 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 2,009,832 shares. The stock had previously closed at C$8.20.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Desjardins raised their price target on shares of Kraken Robotics from C$9.50 to C$14.00 and gave the stock a “buy” rating in a research note on Friday, March 13th. ATB Cormark Capital Markets downgraded shares of Kraken Robotics from a “hold” rating to a “strong sell” rating and upped their price objective for the company from C$5.50 to C$6.50 in a research note on Friday, March 13th. Finally, National Bank Financial raised shares of Kraken Robotics from a “hold” rating to an “outperform” rating and lifted their target price for the stock from C$8.75 to C$13.00 in a research note on Friday, March 13th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of C$8.75.

Kraken Robotics Price Performance

The company has a 50-day moving average of C$8.54 and a two-hundred day moving average of C$6.89. The stock has a market capitalization of C$2.53 billion, a PE ratio of 117.71 and a beta of 0.72. The company has a debt-to-equity ratio of 16.12, a current ratio of 7.30 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. 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.