Kraken Robotics (CVE:PNG) Trading Up 15.3% – Here’s Why

Kraken Robotics Inc. (CVE:PNG)’s stock price was up 15.3% on Wednesday . The company traded as high as C$7.29 and last traded at C$6.95. Approximately 5,771,133 shares were traded during trading, an increase of 404% from the average daily volume of 1,145,659 shares. The stock had previously closed at C$6.03.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on PNG shares. Desjardins increased 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. National Bankshares increased their price objective on shares of Kraken Robotics from C$4.00 to C$5.00 and gave the stock an “outperform” rating in a research report on Thursday, September 11th. Raymond James Financial increased 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 research report on Friday, August 22nd. Scotiabank raised shares of Kraken Robotics to a “strong-buy” rating in a research report on Thursday, August 14th. Finally, Canaccord Genuity Group cut shares of Kraken Robotics from a “strong-buy” rating to a “hold” rating and raised their price target 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. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of C$4.10.

Kraken Robotics Price Performance

The company has a debt-to-equity ratio of 34.32, a quick ratio of 0.64 and a current ratio of 2.78. The company has a market cap of C$2.13 billion, a PE ratio of 99.29 and a beta of 1.23. The company’s 50-day simple moving average is C$4.45 and its 200 day simple moving average is C$3.38.

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.