Kraken Robotics (CVE:PNG) Stock Price Passes Below 50-Day Moving Average – What’s Next?

Kraken Robotics Inc. (CVE:PNG) crossed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of C$7.78 and traded as low as C$6.96. Kraken Robotics shares last traded at C$6.96, with a volume of 780,268 shares trading hands.

Analysts Set New Price Targets

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

Kraken Robotics Stock Performance

The stock has a market capitalization of C$2.39 billion, a PE ratio of 744.00 and a beta of 0.71. The stock has a fifty day moving average of C$7.73 and a 200-day moving average of C$7.77. The company has a quick ratio of 0.64, a current ratio of 1.37 and a debt-to-equity ratio of 16.23.

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. 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.