Converge Technology Solutions (TSE:CTS) Shares Down 0.7%

Shares of Converge Technology Solutions Corp. (TSE:CTSGet Rating) fell 0.7% during mid-day trading on Thursday . The stock traded as low as C$5.95 and last traded at C$5.99. 1,512,280 shares traded hands during trading, an increase of 131% from the average session volume of 654,224 shares. The stock had previously closed at C$6.03.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CTS. National Bankshares dropped their price target on Converge Technology Solutions from C$14.00 to C$12.00 and set an “outperform” rating on the stock in a research report on Thursday, July 21st. Berenberg Bank lowered their price objective on Converge Technology Solutions from C$18.25 to C$14.00 in a research note on Tuesday, May 31st. CIBC upped their price objective on Converge Technology Solutions from C$7.00 to C$8.00 and gave the stock a “neutral” rating in a research note on Thursday, August 11th. Laurentian Bank of Canada restated a “buy” rating and set a C$11.00 price objective on shares of Converge Technology Solutions in a research note on Tuesday, June 21st. Finally, Eight Capital lowered their price objective on Converge Technology Solutions from C$14.50 to C$11.00 and set a “buy” rating for the company in a research note on Thursday, August 4th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Converge Technology Solutions has a consensus rating of “Moderate Buy” and an average target price of C$11.48.

Converge Technology Solutions Stock Performance

The company has a debt-to-equity ratio of 32.83, a current ratio of 0.99 and a quick ratio of 0.84. The firm has a market cap of C$1.29 billion and a price-to-earnings ratio of 54.45. The company has a fifty day moving average price of C$5.94 and a two-hundred day moving average price of C$5.86.

About Converge Technology Solutions

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Converge Technology Solutions Corp., through its subsidiaries, distributes storage devices and systems, computer products, software, and peripherals. The company also provides installation and maintenance; analytics, hybrid cloud, infrastructure, and cybersecurity services; cloud delivery, compute efficiency, network optimization, and IT spend optimization solutions; and IT professional services, such as data center infrastructure integration and solutioning, and cloud optimization.

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