Converge Technology Solutions (TSE:CTS) Downgraded to "Sell" Rating by TD Securities

Converge Technology Solutions (TSE:CTS - Get Free Report) was downgraded by investment analysts at TD Securities from a "buy" rating to a "sell" rating in a research report issued on Monday, MarketBeat Ratings reports. They currently have a C$5.50 target price on the stock, up from their previous target price of C$4.50. TD Securities' price objective would indicate a potential upside of 1.66% from the company's current price.

A number of other research analysts also recently issued reports on CTS. Canaccord Genuity Group decreased their price target on Converge Technology Solutions from C$6.25 to C$6.00 in a report on Friday, October 25th. National Bankshares downgraded shares of Converge Technology Solutions from an "outperform" rating to a "sector perform" rating and lowered their price target for the stock from C$6.00 to C$4.50 in a report on Friday, October 25th. Raymond James dropped their price target on shares of Converge Technology Solutions from C$6.50 to C$4.50 in a research report on Friday, October 25th. CIBC upped their price objective on shares of Converge Technology Solutions from C$4.00 to C$5.50 in a research report on Monday. Finally, Scotiabank increased their target price on shares of Converge Technology Solutions from C$4.00 to C$5.50 in a research note on Friday, February 7th. Seven research analysts have rated the stock with a hold rating, three have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, Converge Technology Solutions presently has a consensus rating of "Moderate Buy" and a consensus price target of C$5.73.

Converge Technology Solutions Stock Performance

Shares of Converge Technology Solutions stock traded up C$0.01 during trading on Monday, hitting C$5.41. 1,826,823 shares of the company's stock were exchanged, compared to its average volume of 1,417,046. The stock has a market capitalization of C$1.02 billion, a price-to-earnings ratio of -6.49, a PEG ratio of 0.14 and a beta of 1.81. The business has a 50-day simple moving average of C$3.61 and a 200-day simple moving average of C$3.90. Converge Technology Solutions has a 52-week low of C$2.90 and a 52-week high of C$6.06. The company has a debt-to-equity ratio of 85.78, a quick ratio of 0.68 and a current ratio of 0.96.

Converge Technology Solutions (TSE:CTS - Get Free Report) last released its quarterly earnings data 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 34.40% and a negative net margin of 6.35%. During the same quarter last year, the company posted $0.10 earnings per share. On average, research 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.