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

Shares of 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 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.

Analyst Upgrades and Downgrades

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

Kraken Robotics Stock Up 14.2 %

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

Insiders Place Their Bets

In related 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 acquired 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 Kraken Robotics stock in a transaction dated Friday, January 10th. The shares were acquired at an average price of C$2.64 per share, with a total value of C$31,558.56. Insiders own 10.13% of the company’s stock.

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.