Kraken Robotics (CVE:PNG) Stock Price Up 15.3% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Desjardins lifted their price target 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. Canaccord Genuity Group lowered Kraken Robotics from a “strong-buy” rating to a “hold” rating and raised their target price for the stock from C$3.50 to C$4.00 in a research report on Thursday, July 24th. Scotiabank upgraded Kraken Robotics to a “strong-buy” rating in a research note on Thursday, August 14th. Raymond James Financial increased their price target on shares of Kraken Robotics from C$3.50 to C$4.00 and gave the company an “outperform” rating in a research note on Friday, August 22nd. Finally, 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. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price 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 firm has a market cap of C$2.13 billion, a price-to-earnings ratio of 99.29 and a beta of 1.23. The stock has a 50-day moving average price of C$4.45 and a 200 day moving average price of C$3.38.

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.