Converge Technology Solutions (TSE:CTS) Stock Price Down 13.3% – Here’s What Happened

Converge Technology Solutions Corp. (TSE:CTS) dropped 13.3% during mid-day trading on Thursday . The stock traded as low as C$3.40 and last traded at C$3.84. Approximately 283,174 shares changed hands during mid-day trading, a decline of 39% from the average daily volume of 467,960 shares. The stock had previously closed at C$4.43.

Analysts Set New Price Targets

A number of analysts have recently commented on CTS shares. National Bankshares cut shares of Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and cut their target price for the stock from C$6.00 to C$4.50 in a research note on Friday. CIBC reduced their target price on Converge Technology Solutions from C$5.00 to C$4.00 in a report on Friday. Canaccord Genuity Group lowered their price target on Converge Technology Solutions from C$6.25 to C$6.00 in a research note on Friday. TD Securities raised Converge Technology Solutions from a “hold” rating to a “buy” rating and reduced their price objective for the company from C$6.00 to C$5.50 in a research note on Friday, August 9th. Finally, Raymond James lowered their target price on shares of Converge Technology Solutions from C$6.50 to C$4.50 in a research note on Friday. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Converge Technology Solutions currently has a consensus rating of “Moderate Buy” and an average price target of C$6.03.

Converge Technology Solutions Price Performance

The stock has a market cap of C$622.69 million, a PE ratio of -3.99, a price-to-earnings-growth ratio of 0.14 and a beta of 1.81. The stock’s fifty day moving average is C$4.45 and its 200-day moving average is C$4.67. The company has a debt-to-equity ratio of 99.08, a current ratio of 1.00 and a quick ratio of 0.68.

Converge Technology Solutions (TSE:CTS) last announced its quarterly earnings results on Thursday, August 8th. The company reported C$0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$0.12 by C$0.07. The business had revenue of C$651.85 million during the quarter, compared to the consensus estimate of C$645.18 million. Converge Technology Solutions had a negative net margin of 6.10% and a negative return on equity of 33.46%. As a group, equities analysts anticipate that Converge Technology Solutions Corp. will post 0.6884058 EPS for the current year.

Converge Technology Solutions Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Tuesday, September 10th were given a $0.015 dividend. The ex-dividend date was Tuesday, August 27th. This represents a $0.06 dividend on an annualized basis and a yield of 1.88%. Converge Technology Solutions’s dividend payout ratio is currently -7.50%.

Insider Transactions at Converge Technology Solutions

In related news, Senior Officer Greg Berard bought 10,105 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were bought at an average price of C$4.42 per share, with a total value of C$44,684.31. Company insiders own 5.97% of the company’s stock.

Converge Technology Solutions Company Profile

Converge Technology Solutions Corp. provides software-enabled IT and cloud solutions in the United States and Canada. Its solutions approach delivers advanced analytics, artificial intelligence, application modernization, cloud, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries.