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

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

Other equities research analysts have also issued research reports about the stock. Cormark raised shares of Converge Technology Solutions from a “hold” rating to a “moderate buy” rating in a research note on Monday, January 13th. Desjardins lowered Converge Technology Solutions from a “buy” rating to a “tender” rating and upped their target price for the stock from C$5.00 to C$5.50 in a research report on Friday, March 7th. CIBC lifted their price target on Converge Technology Solutions from C$4.00 to C$5.50 in a report on Monday, February 10th. Stifel Canada raised shares of Converge Technology Solutions to a “strong-buy” rating in a research report on Wednesday, January 15th. Finally, Canaccord Genuity Group increased their price target on shares of Converge Technology Solutions from C$153.00 to C$154.00 and gave the stock a “hold” rating in a research note on Friday, March 7th. Six equities research analysts have rated the stock with a hold rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of C$28.88.

Converge Technology Solutions Price Performance

The company has a fifty day moving average price of C$4.98 and a two-hundred day moving average price of C$4.16. The company has a current ratio of 0.96, a quick ratio of 0.68 and a debt-to-equity ratio of 85.78. The company 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.

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.