Royal Bank Of Canada Reiterates C$6.00 Price Target for Kraken Robotics (CVE:PNG)

Kraken Robotics (CVE:PNG) received a C$6.00 price target from Royal Bank Of Canada in a note issued to investors on Tuesday, BayStreet reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target would indicate a potential upside of 33.93% from the company’s previous close.

PNG has been the topic of several other reports. Desjardins cut their price objective on Kraken Robotics from C$13.50 to C$13.00 and set a “buy” rating on the stock in a research report on Friday, August 28th. National Bank Financial decreased their target price on Kraken Robotics to C$10.00 in a research report on Friday, July 3rd. Raymond James Financial lowered their target price on Kraken Robotics from C$11.00 to C$8.00 and set an “outperform” rating for the company in a research note on Friday, August 28th. Scotia lifted 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 report on Friday, July 3rd. Finally, ATB Cormark Capital Markets raised Kraken Robotics from a “strong sell” rating to a “hold” rating in a research note on Friday, August 28th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of C$9.00.

Kraken Robotics Trading Down 3.7%

Shares of PNG traded down C$0.17 during trading hours on Tuesday, reaching C$4.48. 689,253 shares of the company traded hands, compared to its average volume of 1,553,576. Kraken Robotics has a 12 month low of C$4.08 and a 12 month high of C$10.72. The company has a quick ratio of 0.64, a current ratio of 1.33 and a debt-to-equity ratio of 16.99. The company’s fifty day moving average price is C$5.82 and its two-hundred day moving average price is C$7.23. The company has a market capitalization of C$1.66 billion, a price-to-earnings ratio of -224.00 and a beta of 0.84.

Insider Buying and Selling

In related news, insider Duane Joseph Alexander Mackay acquired 41,500 shares of the stock in a transaction on Wednesday, July 8th. The stock was acquired at an average price of C$6.00 per share, for a total transaction of C$249,000.00. Following the completion of the purchase, the insider owned 1,154,500 shares of the company’s stock, valued at C$6,927,000. This represents a 3.73% increase in their ownership of the stock. Also, Director Donald Christopher Robertson bought 10,000 shares of the company’s stock in a transaction on Wednesday, July 8th. The stock was bought at an average cost of C$6.05 per share, for a total transaction of C$60,500.00. Following the completion of the acquisition, the director directly owned 10,000 shares of the company’s stock, valued at approximately C$60,500. This represents a ? increase in their position. Insiders have sold 238,687 shares of company stock worth $1,485,800 in the last 90 days. 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. 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.