Converge Technology Solutions (TSE:CTS) Sets New 12-Month Low on Analyst Downgrade
Converge Technology Solutions Corp. (TSE:CTS - Get Rating) shares hit a new 52-week low during trading on Monday after Berenberg Bank lowered their price target on the stock from C$14.00 to C$9.50. The stock traded as low as C$4.88 and last traded at C$4.96, with a volume of 64883 shares trading hands. The stock had previously closed at C$5.05.
A number of other equities analysts also recently issued reports on CTS. Cormark cut their price target on Converge Technology Solutions from C$10.00 to C$8.00 in a research note on Thursday, November 10th. Canaccord Genuity Group cut their price target on Converge Technology Solutions from C$12.00 to C$10.50 in a research note on Thursday, November 10th. CIBC cut their price target on Converge Technology Solutions from C$8.00 to C$7.00 and set a "neutral" rating for the company in a research note on Thursday, November 10th. National Bankshares cut their price target on Converge Technology Solutions from C$12.00 to C$10.00 and set an "outperform" rating for the company in a research note on Tuesday, November 1st. Finally, Scotiabank cut their target price on Converge Technology Solutions from C$11.00 to C$10.00 in a research note on Friday, November 11th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of C$9.83.
Converge Technology Solutions Trading Down 1.8 %
The firm has a fifty day moving average of C$4.66. The company has a current ratio of 0.84, a quick ratio of 0.68 and a debt-to-equity ratio of 63.41. The company has a market capitalization of C$1.04 billion and a P/E ratio of 27.56.
Converge Technology Solutions Company Profile
Converge Technology Solutions Corp. provides software-enabled IT and cloud solutions for corporate and government institutions in the United States and Canada. Its solutions approach delivers advanced analytics, application modernization, cloud, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries.
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