Kraken Robotics (CVE:PNG) Trading 15.3% Higher – Here’s Why

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

Analyst Ratings Changes

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

Kraken Robotics Trading Down 5.3%

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 quick ratio of 0.64, a current ratio of 2.78 and a debt-to-equity ratio of 34.32. The company’s 50 day simple moving average is C$4.58 and its two-hundred day simple moving average is C$3.44.

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.