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

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

Analysts Set New Price Targets

A number of equities analysts have issued reports on PNG shares. Canaccord Genuity Group cut Kraken Robotics from a “strong-buy” rating to a “hold” rating and upped their target price for the stock from C$3.50 to C$4.00 in a report on Thursday, July 24th. Scotiabank upgraded Kraken Robotics to a “strong-buy” rating in a research report on Thursday, August 14th. Raymond James Financial upped their price target on 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. Desjardins upped their price target on 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, National Bankshares upped their price target on Kraken Robotics from C$4.00 to C$5.00 and gave the company an “outperform” rating in a research report on Thursday, September 11th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of C$4.10.

Kraken Robotics Trading Up 15.3%

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 firm has a 50-day moving average of C$4.45 and a 200 day moving average of C$3.38. The company has a market cap of C$2.13 billion, a P/E ratio of 99.29 and a beta of 1.23.

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.