Kraken Robotics (CVE:PNG) Upgraded by ATB Cormark Capital Markets to “Hold” Rating

ATB Cormark Capital Markets upgraded shares of Kraken Robotics (CVE:PNG) from a strong sell rating to a hold rating in a research note published on Friday morning,Zacks.com reports.

Several other brokerages have also recently commented on PNG. National Bank Financial lowered their target price on shares of Kraken Robotics to C$10.00 in a report on Friday, July 3rd. Scotia boosted their target price on shares of Kraken Robotics from C$9.00 to C$12.00 and gave the company a “sector outperform” rating in a research report on Friday, July 3rd. Desjardins lowered their price objective on shares of Kraken Robotics from C$13.50 to C$13.00 and set a “buy” rating for the company in a research report on Friday. Finally, Raymond James Financial lowered their price target on Kraken Robotics from C$11.00 to C$8.00 and set an “outperform” rating for the company in a report on Friday. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Kraken Robotics has a consensus rating of “Moderate Buy” and an average target price of C$9.60.

Kraken Robotics Price Performance

Shares of CVE PNG opened at C$5.34 on Friday. The business’s 50 day moving average is C$6.18 and its 200-day moving average is C$7.46. The firm has a market cap of C$1.64 billion, a P/E ratio of 744.00 and a beta of 0.91. Kraken Robotics has a 1-year low of C$3.31 and a 1-year high of C$10.72. The company has a current ratio of 1.37, a quick ratio of 0.64 and a debt-to-equity ratio of 16.23.

Insider Activity

In other Kraken Robotics news, Director Donald Christopher Robertson acquired 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The stock was acquired at an average price of C$6.05 per share, for a total transaction of C$60,500.00. Following the acquisition, the director directly owned 10,000 shares in the company, valued at C$60,500. This represents a ∞ increase in their ownership of the stock. Also, Director Michael Shaun Mcewan sold 150,000 shares of Kraken Robotics stock in a transaction on Thursday, July 9th. The stock was sold at an average price of C$6.21, for a total transaction of C$931,500.00. Following the transaction, the director owned 252,548 shares in the company, valued at approximately C$1,568,323.08. This trade represents a 37.26% decrease in their position. Insiders sold 238,687 shares of company stock valued at $1,485,800 over the last quarter. 10.13% of the stock is 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. 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.