Converge Technology Solutions (TSE:CTS) Downgraded by Canaccord Genuity Group to “Hold”

Converge Technology Solutions (TSE:CTS) was downgraded by analysts at Canaccord Genuity Group from a “moderate buy” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

A number of other research analysts also recently weighed in on CTS. Ventum Financial downgraded shares of Converge Technology Solutions from a “buy” rating to a “tender” rating and reduced their target price for the company from C$6.00 to C$5.50 in a research report on Monday. National Bank Financial cut shares of Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 24th. Canaccord Genuity Group lowered their price objective on shares of Converge Technology Solutions from C$6.25 to C$6.00 in a research report on Friday, October 25th. TD Securities upgraded shares of Converge Technology Solutions from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday. Finally, National Bankshares lowered shares of Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from C$6.00 to C$4.50 in a report on Friday, October 25th. Seven research analysts have rated the stock with a hold rating, three have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of C$5.73.

Converge Technology Solutions Stock Performance

Shares of Converge Technology Solutions stock opened at C$5.40 on Monday. The business’s fifty day simple moving average is C$3.61 and its 200 day simple moving average is C$3.90. The company has a current ratio of 1.00, a quick ratio of 0.68 and a debt-to-equity ratio of 99.08. Converge Technology Solutions has a 12 month low of C$2.90 and a 12 month high of C$6.06. The firm has a market capitalization of C$1.05 billion, a P/E ratio of -6.75, a price-to-earnings-growth ratio of 0.14 and a beta of 1.81.

Converge Technology Solutions (TSE:CTS) last posted its quarterly earnings results on Tuesday, November 12th. The company reported C$0.12 earnings per share for the quarter, beating the consensus estimate of C$0.08 by C$0.04. Converge Technology Solutions had a negative net margin of 6.10% and a negative return on equity of 33.46%. During the same quarter last year, the company earned $0.10 earnings per share. As a group, analysts anticipate that Converge Technology Solutions will post 0.6884058 EPS for the current year.

About Converge Technology Solutions

Converge Technology Solutions Corp is a Canadian company building a platform of regionally focused Hybrid IT infrastructure providers that deliver best-of-breed solutions and services in the United States. The solutions provided include multi-cloud solutions, the blockchain, resiliency, and managed services, enabling the company to address the business and IT issues that public and private-sector organizations face.