Kraken Robotics (CVE:PNG) Stock Crosses Below 50-Day Moving Average – Here’s Why

Shares of Kraken Robotics Inc. (CVE:PNG) passed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of C$2.53 and traded as low as C$2.37. Kraken Robotics shares last traded at C$2.42, with a volume of 602,664 shares.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PNG. Canaccord Genuity Group increased their price target on Kraken Robotics from C$2.00 to C$2.50 in a research report on Friday, November 22nd. Desjardins set a C$3.60 target price on Kraken Robotics and gave the company 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 1.7 %

The business has a fifty day simple moving average of C$2.53 and a 200 day simple moving average of C$2.24. The firm has a market cap of C$657.94 million, a price-to-earnings ratio of 64.03 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 Buying and Selling at Kraken Robotics

In related news, Senior Officer David Shea purchased 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. Also, Senior Officer Gregory Michael Reid bought 16,260 shares of the business’s stock in a transaction 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. 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.