Kraken Robotics (CVE:PNG) Stock Price Up 5.6% – Here’s Why

Kraken Robotics Inc. (CVE:PNG)’s stock price rose 5.6% during mid-day trading on Wednesday . The stock traded as high as C$8.75 and last traded at C$8.63. Approximately 1,631,314 shares were traded during mid-day trading, a decline of 14% from the average daily volume of 1,894,817 shares. The stock had previously closed at C$8.17.

Analyst Upgrades and Downgrades

PNG has been the topic of several recent research reports. National Bank Financial upgraded Kraken Robotics from a “hold” rating to an “outperform” rating and raised their price target for the stock from C$8.75 to C$13.00 in a research report on Friday, March 13th. ATB Cormark Capital Markets lowered shares of Kraken Robotics from a “hold” rating to a “strong sell” rating and lifted their price objective for the stock from C$5.50 to C$6.50 in a research note on Friday, March 13th. Finally, Desjardins boosted their price objective on shares of Kraken Robotics from C$9.50 to C$14.00 and gave the company a “buy” rating in a report on Friday, March 13th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of C$8.75.

Kraken Robotics Price Performance

The firm has a market cap of C$2.65 billion, a price-to-earnings ratio of 863.00 and a beta of 0.80. The company has a current ratio of 5.53, a quick ratio of 0.64 and a debt-to-equity ratio of 15.94. The company has a 50 day moving average of C$8.66 and a 200 day moving average of C$7.32.

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. 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.