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

Converge Technology Solutions Corp. (TSE:CTS) was up 10.6% 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 changed hands during mid-day trading, an increase of 239% from the average daily volume of 1,460,781 shares. The stock had previously closed at C$5.47.

Other research analysts have also issued reports about the company. Desjardins lowered Converge Technology Solutions from a “buy” rating to a “tender” rating and boosted their target price for the stock from C$5.00 to C$5.50 in a report on Friday, March 7th. Jefferies Financial Group lowered their price target on shares of Converge Technology Solutions from C$145.00 to C$140.00 and set a “hold” rating on the stock in a report on Friday, March 7th. Stifel Canada raised Converge Technology Solutions to a “strong-buy” rating in a research report on Wednesday, January 15th. Canaccord Genuity Group lifted their price target on Converge Technology Solutions from C$153.00 to C$154.00 and gave the stock a “hold” rating in a report on Friday, March 7th. Finally, Stifel Nicolaus set a C$4.00 price target on shares of Converge Technology Solutions and gave the company a “hold” rating in a research note on Thursday, January 16th. Six analysts have rated the stock with a hold rating and three have issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of C$28.88.

Converge Technology Solutions Stock Up 10.6 %

The stock has a 50-day moving average price of C$5.03 and a 200-day moving average price of C$4.17. The company has a debt-to-equity ratio of 85.78, a current ratio of 0.96 and a quick ratio of 0.68. The company has a market capitalization of C$1.14 billion, a P/E ratio of -7.26, a P/E/G 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.