Raymond James Financial Cuts Kraken Robotics (CVE:PNG) Price Target to C$8.00

Kraken Robotics (CVE:PNG) had its price target reduced by Raymond James Financial from C$11.00 to C$8.00 in a report released on Friday,BayStreet.CA reports. They currently have an outperform rating on the stock.

A number of other research firms also recently issued reports on PNG. National Bank Financial dropped their price objective on shares of Kraken Robotics to C$10.00 in a report on Friday, July 3rd. Desjardins decreased their price target on shares of Kraken Robotics to C$13.50 and set a “buy” rating on the stock in a research report on Friday, July 3rd. Scotia lifted their price target on shares of Kraken Robotics from C$9.00 to C$12.00 and gave the stock a “sector outperform” rating in a research note on Friday, July 3rd. Finally, ATB Cormark Capital Markets dropped their price target on shares of Kraken Robotics from C$6.50 to C$5.00 and set an “underperform” rating on the stock in a research note on Tuesday, July 7th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of C$9.60.

Kraken Robotics Price Performance

PNG stock opened at C$5.34 on Friday. The company has a market cap of C$1.98 billion, a price-to-earnings ratio of -267.00 and a beta of 0.91. The company has a debt-to-equity ratio of 16.99, a quick ratio of 0.64 and a current ratio of 1.33. The business’s 50-day moving average is C$6.18 and its two-hundred day moving average is C$7.46. Kraken Robotics has a fifty-two week low of C$3.31 and a fifty-two week high of C$10.72.

Insiders Place Their Bets

In other news, Director Michael Shaun Mcewan sold 150,000 shares of the stock in a transaction on Thursday, July 9th. The shares were sold at an average price of C$6.21, for a total value of C$931,500.00. Following the completion of the sale, the director directly owned 252,548 shares of the company’s stock, valued at C$1,568,323.08. This represents a 37.26% decrease in their ownership of the stock. Also, Director Donald Christopher Robertson acquired 10,000 shares of Kraken Robotics stock in a transaction dated Wednesday, July 8th. The stock was purchased at an average cost of C$6.05 per share, with a total value of C$60,500.00. Following the completion of the purchase, the director owned 10,000 shares of the company’s stock, valued at approximately C$60,500. This represents a ∞ increase in their ownership of the stock. Insiders sold a total of 238,687 shares of company stock worth $1,485,800 over the last three months. 10.13% of the stock is currently owned by company 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. 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.