Canaccord Genuity Group Downgrades Converge Technology Solutions (TSE:CTS) to Hold

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 research note issued on Monday,Zacks.com reports.

Several other research analysts also recently commented on the company. National Bank Financial downgraded 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 research report on Tuesday. Scotiabank upped their price target on shares of Converge Technology Solutions from C$4.00 to C$5.50 in a report on Friday, February 7th. Finally, Raymond James dropped their price target on Converge Technology Solutions from C$6.50 to C$4.50 in a research note on Friday, October 25th. Seven 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’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of C$5.73.

Converge Technology Solutions Stock Performance

TSE CTS opened at C$5.40 on Monday. The firm’s 50 day simple moving average is C$3.61 and its 200 day simple moving average is C$3.90. The firm has a market capitalization of C$1.05 billion, a price-to-earnings ratio of -6.75, a P/E/G ratio of 0.14 and a beta of 1.81. 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 1 year low of C$2.90 and a 1 year high of C$6.06.

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