Converge Technology Solutions (TSE:CTS) Downgraded to Tender Rating by Ventum Financial

Converge Technology Solutions (TSE:CTS) was downgraded by Ventum Financial from a “buy” rating to a “tender” rating in a note issued to investors on Monday,BayStreet.CA reports. They currently have a C$5.50 price objective on the stock, down from their previous price objective of C$6.00. Ventum Financial’s price objective points to a potential upside of 1.85% from the stock’s current price.

CTS has been the topic of several other research reports. Scotiabank boosted their price target on shares of Converge Technology Solutions from C$4.00 to C$5.50 in a research report on Friday. Stifel Nicolaus set a C$4.00 target price on shares of Converge Technology Solutions and gave the company a “hold” rating in a report on Thursday, January 16th. National Bankshares downgraded shares of Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and cut their price target for the stock from C$6.00 to C$4.50 in a report on Friday, October 25th. TD Securities lowered their price objective on Converge Technology Solutions from C$5.00 to C$4.50 in a research report on Wednesday, November 13th. Finally, Cormark upgraded Converge Technology Solutions from a “hold” rating to a “moderate buy” rating in a research report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, three have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of C$5.73.

Converge Technology Solutions Price Performance

Shares of TSE:CTS traded down C$0.01 during midday trading on Monday, hitting C$5.40. The company’s stock had a trading volume of 7,533,224 shares, compared to its average volume of 1,135,286. The company has a market cap of C$1.05 billion, a P/E ratio of -6.75, a price-to-earnings-growth ratio of 0.14 and a beta of 1.81. Converge Technology Solutions has a 12-month low of C$2.90 and a 12-month high of C$6.06. The business’s 50 day simple moving average is C$3.48 and its 200 day simple moving average is C$3.87. The company has a debt-to-equity ratio of 99.08, a quick ratio of 0.68 and a current ratio of 1.00.

Converge Technology Solutions (TSE:CTS) last released its earnings results on Tuesday, November 12th. The company reported C$0.12 earnings per share 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 last year, the business posted $0.10 EPS. On average, analysts forecast that Converge Technology Solutions will post 0.6884058 EPS for the current 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.