ATB Cormark Capital Markets Issues Pessimistic Forecast for Kraken Robotics (CVE:PNG) Stock Price

Kraken Robotics (CVE:PNG) had its price objective lowered by equities researchers at ATB Cormark Capital Markets from C$6.50 to C$5.00 in a research note issued on Tuesday,BayStreet.CA reports. The brokerage currently has an “underperform” rating on the stock. ATB Cormark Capital Markets’ price objective would suggest a potential downside of 19.22% from the stock’s current price.

Several other research firms have also recently issued reports on PNG. Scotia increased their price objective on Kraken Robotics from C$9.00 to C$12.00 and gave the stock a “sector outperform” rating in a research report on Friday. Desjardins decreased their target price on shares of Kraken Robotics to C$13.50 and set a “buy” rating on the stock in a research report on Friday. Finally, National Bank Financial lowered their price target on shares of Kraken Robotics to C$10.00 in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Kraken Robotics currently has an average rating of “Moderate Buy” and an average target price of C$8.46.

Kraken Robotics Stock Performance

Shares of PNG stock traded down C$0.44 during trading hours on Tuesday, reaching C$6.19. 1,870,121 shares of the company’s stock were exchanged, compared to its average volume of 1,708,787. The company has a market cap of C$1.90 billion, a P/E ratio of 744.00 and a beta of 0.87. The company’s 50 day moving average is C$7.31 and its two-hundred day moving average is C$7.83. Kraken Robotics has a 1 year low of C$3.21 and a 1 year high of C$10.72. The company has a debt-to-equity ratio of 16.23, a current ratio of 1.37 and a quick ratio of 0.64.

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. 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.