Converge Technology Solutions (TSE:CTS) Stock Price Up 0.6% – Still a Buy?

Shares of Converge Technology Solutions Corp. (TSE:CTS) shot up 0.6% on Monday . The company traded as high as C$3.47 and last traded at C$3.39. 425,592 shares changed hands during mid-day trading, a decline of 22% from the average session volume of 543,752 shares. The stock had previously closed at C$3.37.

Analyst Upgrades and Downgrades

CTS has been the topic of a number of recent research reports. Scotiabank downgraded Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 24th. TD Securities lowered their price objective on Converge Technology Solutions from C$5.00 to C$4.50 in a research report on Wednesday, November 13th. National Bankshares lowered Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and cut their target price for the company from C$6.00 to C$4.50 in a research note on Friday, October 25th. Raymond James decreased their price target on shares of Converge Technology Solutions from C$6.50 to C$4.50 in a research note on Friday, October 25th. Finally, CIBC dropped their price objective on shares of Converge Technology Solutions from C$5.00 to C$4.00 in a research note on Friday, October 25th. Six equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of C$5.86.

Converge Technology Solutions Price Performance

The company’s 50 day simple moving average is C$3.63 and its two-hundred day simple moving average is C$4.15. The company has a debt-to-equity ratio of 99.08, a current ratio of 1.00 and a quick ratio of 0.68. The stock has a market capitalization of C$661.73 million, a P/E ratio of -4.24, a PEG ratio of 0.14 and a beta of 1.81.

Converge Technology Solutions Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Saturday, December 28th. Investors of record on Saturday, December 28th will be issued a dividend of $0.015 per share. The ex-dividend date is Tuesday, December 10th. This represents a $0.06 dividend on an annualized basis and a yield of 1.77%. Converge Technology Solutions’s dividend payout ratio is -7.50%.

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.