Kraken Robotics (CVE:PNG) Trading Up 15.3% – Time to Buy?

Kraken Robotics Inc. (CVE:PNG) shares rose 15.3% during trading on Wednesday . The stock 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.

Analyst Upgrades and Downgrades

PNG has been the subject of several analyst reports. Canaccord Genuity Group lowered Kraken Robotics from a “strong-buy” rating to a “hold” rating and increased their price objective for the company from C$3.50 to C$4.00 in a report on Thursday, July 24th. Raymond James Financial increased their price objective on Kraken Robotics from C$3.50 to C$4.00 and gave the company an “outperform” rating in a report on Friday, August 22nd. Scotiabank upgraded Kraken Robotics to a “strong-buy” rating in a report on Thursday, August 14th. Desjardins raised their target price on Kraken Robotics from C$4.00 to C$5.00 and gave the stock a “buy” rating in a research note on Friday, August 22nd. Finally, National Bankshares raised their target price on Kraken Robotics from C$5.00 to C$7.50 and gave the stock an “outperform” rating in a research note on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Kraken Robotics presently has a consensus rating of “Buy” and a consensus price target of C$4.60.

Kraken Robotics Price Performance

The firm has a 50-day simple moving average of C$4.58 and a two-hundred day simple moving average of C$3.44. The company has a market capitalization of C$2.12 billion, a price-to-earnings ratio of 98.71 and a beta of 1.23. The company has a current ratio of 2.78, a quick ratio of 0.64 and a debt-to-equity ratio of 34.32.

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.