Kraken Robotics (CVE:PNG) Shares Up 16.7% – Here’s Why

Kraken Robotics Inc. (CVE:PNG) traded up 16.7% during mid-day trading on Wednesday . The company traded as high as C$2.63 and last traded at C$2.55. 1,079,700 shares traded hands during mid-day trading, an increase of 4% from the average session volume of 1,039,761 shares. The stock had previously closed at C$2.19.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Desjardins set a C$3.60 price objective on shares of Kraken Robotics and gave the stock a “buy” rating in a research report on Wednesday, February 12th. Canaccord Genuity Group increased their price target on Kraken Robotics from C$2.00 to C$2.50 in a research report on Friday, November 22nd. Finally, Raymond James upgraded Kraken Robotics to a “moderate buy” rating in a research note on Thursday, January 23rd.

Kraken Robotics Price Performance

The firm’s 50 day moving average is C$2.64 and its 200 day moving average is C$2.16. 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$678.33 million, a P/E ratio of 66.02 and a beta of 1.15.

Insider Buying and Selling

In other news, Senior Officer Gregory Michael Reid bought 16,260 shares of the firm’s stock in a transaction that occurred on Wednesday, January 8th. The shares were purchased at an average price of C$2.46 per share, with a total value of C$39,999.60. Also, Senior Officer David Shea acquired 11,954 shares of the company’s stock in a transaction dated Friday, January 10th. The stock was acquired at an average price of C$2.64 per share, for a total transaction of C$31,558.56. 10.13% of the stock is currently owned by company insiders.

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.