Kraken Robotics (CVE:PNG) Reaches New 52-Week Low – Here’s Why

Kraken Robotics Inc. (CVE:PNG)’s share price reached a new 52-week low during trading on Monday. The stock traded as low as C$4.31 and last traded at C$4.32, with a volume of 541297 shares. The stock had previously closed at C$4.57.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PNG shares. National Bank Financial cut their target price on Kraken Robotics to C$10.00 in a research report on Friday, July 3rd. Raymond James Financial dropped their price target on Kraken Robotics from C$11.00 to C$8.00 and set an “outperform” rating on the stock in a research report on Friday, August 28th. ATB Cormark Capital Markets upgraded shares of Kraken Robotics from a “strong sell” rating to a “hold” rating in a research report on Friday, August 28th. Desjardins reduced their price target on Kraken Robotics from C$13.50 to C$13.00 and set a “buy” rating for the company in a research report on Friday, August 28th. Finally, Scotia upped their price target on shares of Kraken Robotics from C$9.00 to C$12.00 and gave the stock a “sector outperform” rating in a research note on Friday, July 3rd. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Kraken Robotics presently has an average rating of “Moderate Buy” and a consensus target price of C$9.00.

Kraken Robotics Stock Down 5.8%

The company has a current ratio of 1.33, a quick ratio of 0.64 and a debt-to-equity ratio of 16.99. The firm has a market capitalization of C$1.60 billion, a price-to-earnings ratio of -215.25 and a beta of 0.84. The stock has a fifty day moving average of C$5.51 and a 200-day moving average of C$6.96.

Insiders Place Their Bets

In other news, Director Donald Christopher Robertson bought 10,000 shares of the company’s stock in a transaction dated Wednesday, July 8th. The shares were acquired at an average cost of C$6.05 per share, with a total value of C$60,500.00. Following the completion of the transaction, the director directly owned 10,000 shares in the company, valued at approximately C$60,500. The trade was a ∞ increase in their position. Also, insider Duane Joseph Alexander Mackay purchased 41,500 shares of the business’s stock in a transaction dated Wednesday, July 8th. The shares were purchased at an average price of C$6.00 per share, for a total transaction of C$249,000.00. Following the acquisition, the insider directly owned 1,154,500 shares of the company’s stock, valued at C$6,927,000. This trade represents a 3.73% increase in their ownership of the stock. In the last quarter, insiders have sold 238,687 shares of company stock worth $1,485,800. Company insiders own 10.13% of the company’s stock.

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.