Penny stocks in the tech sector are some of the most exciting. The technology sector offers investors explosive gains unlike any other. With our ever-growing fondness for tech, the industry is only growing bigger and bigger. With that in mind, finding tech penny stocks that are cheap now but not so cheap later is the holy grail scenario for any investor.
Is Kraken Robotics one of these?
Tech Penny Stocks: Kraken Robotics (TSXV:PNG)
Selling for just $0.84 CAD at the time of writing, investors may find a good thing with Kraken Robotics. The marine technology company is engaged in the design, development, and marketing of advanced sensors, software, and underwater robotics for Unmanned Maritime Vehicles used in military and commercial applications.
Recognized as a world leader in Synthetic Aperture Sonar (SAS), the company is Canada-based and ranked as a top technology company on the TSX Venture 50. That’s impressive.
SAS is a revolutionary underwater imaging technology that gives a high-resolution image of the seabed. Its use will dramatically improve seabed surveys and also offers a much greater expanse of view. Now the company also builds underwater vehicles.
PNG Penny Stock
At the current price, it’s hard to ignore this company’s successes. In 2018, this penny stock grew approximately 117% in value. The growth has come off the back of impressive Q3 results where revenues came in at $1.6 million CAD for the quarter.
Year-to-date revenue came in at $5.2 million CAD.
Further, the company revealed a backlog of $13 million CAD from various contracts it secured in 2018.
2019 has started off well too. In January it completed a major acquisition of Kraken Power. According to the CFO of Kraken Robotics, Greg Reid, “this acquisition is for battery technology that would be used in the company’s drones.”
Then in February, it received another massive contract worth $1.7 million CAD from Ocean Infinity for its AquaPux Synthetic Aperture Sonar that captures high-resolution seabed data.
This company appears to be going from strength to strength. Is this tech penny stock for your portfolio? There is a lot of potential ahead.
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