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

Kraken Robotics Inc. (CVE:PNG) 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 traded hands during mid-day trading, an increase of 4% from the average daily volume of 1,039,761 shares. The stock had previously closed at C$2.19.

Wall Street Analysts Forecast Growth

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

Kraken Robotics Stock Up 14.2 %

The firm has a 50 day moving average of C$2.64 and a 200-day moving average of C$2.16. 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 has a debt-to-equity ratio of 34.32, a current ratio of 2.78 and a quick ratio of 0.64.

Insider Transactions at Kraken Robotics

In other news, Senior Officer Gregory Michael Reid purchased 16,260 shares of the company’s stock in a transaction on Wednesday, January 8th. The shares were purchased at an average cost of C$2.46 per share, with a total value of C$39,999.60. Also, Senior Officer David Shea bought 11,954 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was 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 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.