Converge Technology Solutions (TSE:CTS) Sets New 1-Year High – Should You Buy?

Converge Technology Solutions Corp. (TSE:CTS) hit a new 52-week high on Wednesday . The stock traded as high as C$6.05 and last traded at C$6.04, with a volume of 1868616 shares. The stock had previously closed at C$5.47.

Wall Street Analysts Forecast Growth

CTS has been the subject of a number of recent analyst reports. Ventum Financial cut Converge Technology Solutions from a “buy” rating to a “tender” rating and dropped their price objective for the company from C$6.00 to C$5.50 in a report on Monday, February 10th. Canaccord Genuity Group upped their price target on shares of Converge Technology Solutions from C$153.00 to C$154.00 and gave the stock a “hold” rating in a research report on Friday, March 7th. Cormark raised shares of Converge Technology Solutions from a “hold” rating to a “moderate buy” rating in a report on Monday, January 13th. Jefferies Financial Group lowered their target price on Converge Technology Solutions from C$145.00 to C$140.00 and set a “hold” rating for the company in a report on Friday, March 7th. Finally, CIBC lifted their price target on Converge Technology Solutions from C$4.00 to C$5.50 in a report on Monday, February 10th. Six equities research analysts have rated the stock with a hold rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of C$28.83.

Converge Technology Solutions Trading Up 10.4 %

The firm has a market cap of C$1.14 billion, a PE ratio of -7.24, a price-to-earnings-growth ratio of 0.14 and a beta of 1.81. The company has a 50-day simple moving average of C$4.98 and a 200 day simple moving average of C$4.16. The company has a current ratio of 0.96, a quick ratio of 0.68 and a debt-to-equity ratio of 85.78.

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.