Converge Technology Solutions (TSE:CTS) Shares Up 10.6% on Analyst Upgrade

Shares of Converge Technology Solutions Corp. (TSE:CTS) rose 10.6% during trading on Wednesday after Scotiabank raised their price target on the stock from C$5.50 to C$6.00. The stock traded as high as C$6.05 and last traded at C$6.05. Approximately 4,954,580 shares traded hands during trading, an increase of 239% from the average daily volume of 1,460,781 shares. The stock had previously closed at C$5.47.

A number of other equities research analysts also recently weighed in on the stock. TD Securities raised shares of Converge Technology Solutions from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, February 11th. Cormark raised Converge Technology Solutions from a “hold” rating to a “moderate buy” rating in a report on Monday, January 13th. Ventum Financial downgraded Converge Technology Solutions from a “buy” rating to a “tender” rating and lowered their price objective for the stock from C$6.00 to C$5.50 in a research note on Monday, February 10th. Canaccord Genuity Group raised their target price on Converge Technology Solutions from C$153.00 to C$154.00 and gave the company a “hold” rating in a research note on Friday, March 7th. Finally, Jefferies Financial Group reduced their target price on shares of Converge Technology Solutions from C$145.00 to C$140.00 and set a “hold” rating for the company in a research note on Friday, March 7th. Six investment analysts have rated the stock with a hold rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Converge Technology Solutions has a consensus rating of “Moderate Buy” and a consensus target price of C$28.88.

Converge Technology Solutions Stock Up 10.4 %

The business’s 50 day moving average is C$4.98 and its 200 day moving average is C$4.16. The company has a debt-to-equity ratio of 85.78, a quick ratio of 0.68 and a current ratio of 0.96. The stock has a market cap of C$1.14 billion, a price-to-earnings ratio of -7.24, a price-to-earnings-growth ratio of 0.14 and a beta of 1.81.

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.