Kraken Robotics (CVE:PNG) Stock Price Down 8.2% on Insider Selling

Kraken Robotics Inc. (CVE:PNG) dropped 8.2% on Wednesday following insider selling activity. The stock traded as low as C$6.13 and last traded at C$6.15. 651,986 shares traded hands during trading, a decline of 61% from the average daily volume of 1,687,556 shares. The stock had previously closed at C$6.70.

Specifically, Director Michael Shaun Mcewan sold 6,700 shares of the firm’s stock in a transaction on Thursday, July 9th. The stock was sold at an average price of C$6.32, for a total value of C$42,344.00. Following the transaction, the director directly owned 460,728 shares in the company, valued at C$2,911,800.96. This trade represents a 1.43% decrease in their position. Also, Director Michael Shaun Mcewan sold 7,000 shares of Kraken Robotics stock in a transaction on Thursday, July 9th. The stock was sold at an average price of C$6.32, for a total value of C$44,240.00. Following the completion of the sale, the director directly owned 453,728 shares of the company’s stock, valued at C$2,867,560.96. The trade was a 1.52% decrease in their position. In other Kraken Robotics news, Director Michael Shaun Mcewan sold 15,502 shares of the stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of C$6.31, for a total value of C$97,817.62. Following the transaction, the director owned 438,226 shares of the company’s stock, valued at approximately C$2,765,206.06. This represents a 3.42% decrease in their ownership of the stock.

Analyst Upgrades and Downgrades

PNG has been the subject of a number of recent research reports. Scotia boosted their price target on Kraken Robotics from C$9.00 to C$12.00 and gave the company a “sector outperform” rating in a research note on Friday, July 3rd. National Bank Financial lowered their price objective on shares of Kraken Robotics to C$10.00 in a research note on Friday, July 3rd. ATB Cormark Capital Markets cut their target price on shares of Kraken Robotics from C$6.50 to C$5.00 and set an “underperform” rating for the company in a research report on Tuesday, July 7th. Finally, Desjardins reduced their target price on shares of Kraken Robotics to C$13.50 and set a “buy” rating for the company in a report on Friday, July 3rd. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Kraken Robotics presently has an average rating of “Moderate Buy” and an average target price of C$8.46.

Key Kraken Robotics News

Here are the key news stories impacting Kraken Robotics this week:

• Negative Sentiment: Director Michael Shaun Mcewan reported a large series of share sales on July 9, including one block sale of 150,000 shares and many additional smaller transactions at prices around C$6.10-C$6.37. The repeated selling may be viewed by investors as a sign of reduced insider confidence or simply profit-taking after a run-up. Kraken Robotics insider trading reports
• Neutral Sentiment: Despite the sales, Mcewan still holds a substantial position of more than 229,000 shares, so the transactions do not indicate a complete exit and may reflect personal portfolio rebalancing rather than a fundamental change in outlook. Kraken Robotics insider trading reports

Kraken Robotics Stock Down 7.9%

The company has a quick ratio of 0.64, a current ratio of 1.37 and a debt-to-equity ratio of 16.23. The company has a fifty day simple moving average of C$7.16 and a 200-day simple moving average of C$7.84. The firm has a market cap of C$1.90 billion, a P/E ratio of 744.00 and a beta of 0.87.

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.