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

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

Analysts Set New Price Targets

PNG has been the topic of several recent research reports. Canaccord Genuity Group lifted their target price on Kraken Robotics from C$2.00 to C$2.50 in a report on Friday, November 22nd. Desjardins set a C$3.60 price target on shares of Kraken Robotics and gave the stock a “buy” rating in a report on Wednesday, February 12th. Finally, Raymond James raised Kraken Robotics to a “moderate buy” rating in a report on Thursday, January 23rd.

Kraken Robotics Stock Up 14.2 %

The company has a debt-to-equity ratio of 34.32, a quick ratio of 0.64 and a current ratio of 2.78. The stock has a market capitalization of C$678.33 million, a P/E ratio of 66.02 and a beta of 1.15. The company’s 50-day moving average price is C$2.64 and its 200 day moving average price is C$2.16.

Insider Buying and Selling at Kraken Robotics

In related news, Senior Officer Gregory Michael Reid acquired 16,260 shares of the firm’s stock in a transaction dated Wednesday, January 8th. The stock was acquired 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 business’s stock in a transaction on Friday, January 10th. The shares were purchased at an average price of C$2.64 per share, with a total value of C$31,558.56. 10.13% of the stock is currently owned by corporate 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.