Converge Technology Solutions (TSE:CTS) Rating Lowered to Hold at Canaccord Genuity Group

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

Other equities research analysts also recently issued research reports about the stock. CIBC boosted their price objective on shares of Converge Technology Solutions from C$4.00 to C$5.50 in a research report on Monday. Canaccord Genuity Group decreased their target price on Converge Technology Solutions from C$6.25 to C$6.00 in a research note on Friday, October 25th. National Bank Financial cut Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 24th. Cormark raised Converge Technology Solutions from a “hold” rating to a “moderate buy” rating in a report on Monday, January 13th. Finally, National Bankshares downgraded Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from C$6.00 to C$4.50 in a research note on Friday, October 25th. Seven investment analysts have rated the stock with a hold rating, three have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, Converge Technology Solutions presently has an average rating of “Moderate Buy” and a consensus target price of C$5.73.

Converge Technology Solutions Price Performance

Shares of CTS opened at C$5.40 on Monday. Converge Technology Solutions has a 52 week low of C$2.90 and a 52 week high of C$6.06. The company has a current ratio of 1.00, a quick ratio of 0.68 and a debt-to-equity ratio of 99.08. The firm has a market cap of C$1.05 billion, a price-to-earnings ratio of -6.75, a PEG ratio of 0.14 and a beta of 1.81. The stock has a 50 day moving average of C$3.61 and a 200-day moving average of C$3.90.

Converge Technology Solutions (TSE:CTS) last released its quarterly earnings data on Tuesday, November 12th. The company reported C$0.12 EPS for the quarter, topping analysts’ consensus estimates 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 period in the prior year, the firm earned $0.10 earnings per share. As a group, analysts forecast that Converge Technology Solutions will post 0.6884058 EPS for the current year.

Converge Technology Solutions Company Profile

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.