Raymond James Financial Issues Pessimistic Forecast for Kraken Robotics (CVE:PNG) Stock Price

Kraken Robotics (CVE:PNG) had its target price cut by research analysts at Raymond James Financial from C$11.00 to C$8.00 in a note issued to investors on Friday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. Raymond James Financial’s price target indicates a potential upside of 50.09% from the company’s previous close.

PNG has been the topic of several other reports. ATB Cormark Capital Markets dropped their price target on Kraken Robotics from C$6.50 to C$5.00 and set an “underperform” rating on the stock in a research note on Tuesday, July 7th. Desjardins dropped their target price on shares of Kraken Robotics to C$13.50 and set a “buy” rating on the stock in a research report on Friday, July 3rd. National Bank Financial cut their target price on shares of Kraken Robotics to C$10.00 in a research note on Friday, July 3rd. Finally, Scotia raised 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 report on Friday, July 3rd. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Kraken Robotics has a consensus rating of “Moderate Buy” and a consensus target price of C$9.60.

Kraken Robotics Trading Down 1.3%

Shares of PNG stock traded down C$0.07 during mid-day trading on Friday, hitting C$5.33. The company’s stock had a trading volume of 1,889,983 shares, compared to its average volume of 1,572,126. Kraken Robotics has a 52 week low of C$3.31 and a 52 week high of C$10.72. The company has a debt-to-equity ratio of 16.23, a quick ratio of 0.64 and a current ratio of 1.37. The company’s fifty day simple moving average is C$6.23 and its 200-day simple moving average is C$7.48. The company has a market cap of C$1.64 billion, a PE ratio of 744.00 and a beta of 0.91.

Insiders Place Their Bets

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