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

Shares of Kraken Robotics Inc. (CVE:PNG) rose 15.3% during mid-day 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 Ratings Changes

Several analysts have recently weighed in on the stock. National Bankshares raised 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 report on Thursday, September 11th. Desjardins boosted their target price on Kraken Robotics from C$4.00 to C$5.00 and gave the stock a “buy” rating in a report on Friday, August 22nd. Scotiabank raised Kraken Robotics to a “strong-buy” rating in a report on Thursday, August 14th. Canaccord Genuity Group downgraded Kraken Robotics from a “strong-buy” rating to a “hold” rating and lifted their price objective for the company from C$3.50 to C$4.00 in a research report on Thursday, July 24th. Finally, Raymond James Financial boosted their price objective on Kraken Robotics from C$3.50 to C$4.00 and gave the stock an “outperform” rating in a research note on Friday, August 22nd. 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 data from MarketBeat, the stock presently 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 current ratio of 2.78 and a quick ratio of 0.64. The company’s 50 day moving average price is C$4.45 and its 200 day moving average price is C$3.38. The firm has a market capitalization 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.