Converge Technology Solutions Corp. (OTCMKTS:CTSDF – Get Rating) was the target of a significant increase in short interest in the month of May. As of May 15th, there was short interest totalling 768,700 shares, an increase of 37.4% from the April 30th total of 559,500 shares. Based on an average daily volume of 76,200 shares, the days-to-cover ratio is presently 10.1 days.
Several research firms have recently commented on CTSDF. Canaccord Genuity Group lowered their price objective on shares of Converge Technology Solutions from C$14.50 to C$12.00 in a research note on Thursday, May 12th. National Bank Financial began coverage on shares of Converge Technology Solutions in a report on Tuesday, April 26th. They issued an “outperform” rating on the stock. Finally, TD Securities reduced their target price on shares of Converge Technology Solutions from C$12.00 to C$8.50 in a report on Thursday, May 12th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $12.38.
Shares of Converge Technology Solutions stock traded up $0.40 during trading on Monday, reaching $5.99. The company’s stock had a trading volume of 13,600 shares, compared to its average volume of 22,757. The company has a 50-day moving average price of $6.81 and a two-hundred day moving average price of $7.66. Converge Technology Solutions has a fifty-two week low of $4.54 and a fifty-two week high of $10.66.
Converge Technology Solutions Corp., through its subsidiaries, distributes storage devices and systems, computer products, software, and peripherals. The company also provides installation and maintenance; analytics, hybrid cloud, infrastructure, and cybersecurity services; cloud delivery, compute efficiency, network optimization, and IT spend optimization solutions; and IT professional services, such as data center infrastructure integration and solutioning, and cloud optimization.
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