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

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

Several other research analysts have also issued reports on CTS. Stifel Nicolaus set a C$4.00 price target on shares of Converge Technology Solutions and gave the stock a “hold” rating in a research report on Thursday, January 16th. National Bankshares cut Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and decreased their target price for the stock from C$6.00 to C$4.50 in a report on Friday, October 25th. Scotiabank boosted their target price on Converge Technology Solutions from C$4.00 to C$5.50 in a research report on Friday, February 7th. Raymond James decreased their price target on Converge Technology Solutions from C$6.50 to C$4.50 in a research report on Friday, October 25th. Finally, Canaccord Genuity Group cut their price objective on Converge Technology Solutions from C$6.25 to C$6.00 in a report on Friday, October 25th. Seven equities research analysts have rated the stock with a hold rating, three have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of C$5.73.

Converge Technology Solutions Stock Performance

Shares of CTS stock opened at C$5.40 on Monday. The stock has a 50-day simple moving average of C$3.61 and a 200 day simple moving average of C$3.90. The stock has a market capitalization of C$1.05 billion, a P/E ratio of -6.75, a P/E/G ratio of 0.14 and a beta of 1.81. Converge Technology Solutions has a fifty-two week low of C$2.90 and a fifty-two week high of C$6.06. The company has a quick ratio of 0.68, a current ratio of 1.00 and a debt-to-equity ratio of 99.08.

Converge Technology Solutions (TSE:CTS) last announced its quarterly earnings data on Tuesday, November 12th. The company reported C$0.12 earnings per share (EPS) for the quarter, topping 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 period in the previous year, the company posted $0.10 EPS. On average, sell-side analysts expect that Converge Technology Solutions will post 0.6884058 earnings per share for the current fiscal 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.