Kraken Robotics (CVE:PNG) Stock Price Up 16.7% – Here’s What Happened

Kraken Robotics Inc. (CVE:PNG)’s stock price rose 16.7% during trading on Wednesday . The company traded as high as C$2.63 and last traded at C$2.55. Approximately 1,079,700 shares traded hands during mid-day trading, an increase of 4% from the average daily volume of 1,039,761 shares. The stock had previously closed at C$2.19.

Analysts Set New Price Targets

PNG has been the subject of several research reports. Desjardins set a C$3.60 price objective on shares of Kraken Robotics and gave the company a “buy” rating in a research report on Wednesday, February 12th. Raymond James upgraded shares of Kraken Robotics to a “moderate buy” rating in a report on Thursday, January 23rd. Finally, Canaccord Genuity Group raised their price objective on shares of Kraken Robotics from C$2.00 to C$2.50 in a research report on Friday, November 22nd.

Kraken Robotics Stock Up 14.2 %

The firm’s fifty day moving average price is C$2.64 and its 200-day moving average price is C$2.16. 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 firm has a market capitalization of C$678.33 million, a P/E ratio of 66.02 and a beta of 1.15.

Insider Activity at Kraken Robotics

In other news, Senior Officer David Shea bought 11,954 shares of the stock in a transaction dated Friday, January 10th. The stock was purchased at an average price of C$2.64 per share, for a total transaction of C$31,558.56. Also, Senior Officer Gregory Michael Reid bought 16,260 shares of the company’s stock in a transaction on Wednesday, January 8th. The shares were bought at an average cost of C$2.46 per share, for a total transaction of C$39,999.60. 10.13% of the stock is owned by corporate insiders.

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.