ConvergeOne Holdings Inc (NASDAQ:CVON) shares saw unusually-strong trading volume on Wednesday . Approximately 362,665 shares traded hands during trading, an increase of 602% from the previous session’s volume of 51,640 shares.The stock last traded at $12.46 and had previously closed at $12.41.
A number of equities analysts recently commented on CVON shares. Zacks Investment Research downgraded shares of ConvergeOne from a “buy” rating to a “hold” rating in a research note on Thursday, August 9th. JPMorgan Chase & Co. downgraded shares of ConvergeOne from an “overweight” rating to a “neutral” rating in a research note on Tuesday. Needham & Company LLC downgraded shares of ConvergeOne from a “buy” rating to a “hold” rating in a research note on Tuesday. William Blair downgraded shares of ConvergeOne from an “outperform” rating to a “market perform” rating in a research note on Tuesday. Finally, BTIG Research reiterated a “neutral” rating on shares of ConvergeOne in a research note on Wednesday. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $11.50.
The stock has a market cap of $708.97 million, a price-to-earnings ratio of 32.79 and a beta of 0.30.
ConvergeOne (NASDAQ:CVON) last announced its quarterly earnings results on Tuesday, October 30th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.09. ConvergeOne had a net margin of 1.60% and a negative return on equity of 95.89%. The firm had revenue of $404.75 million during the quarter, compared to analysts’ expectations of $392.71 million. On average, analysts anticipate that ConvergeOne Holdings Inc will post 0.95 EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its holdings in shares of ConvergeOne by 23.7% in the third quarter. JPMorgan Chase & Co. now owns 52,845 shares of the company’s stock valued at $492,000 after buying an additional 10,135 shares during the last quarter. Wells Fargo & Company MN raised its holdings in shares of ConvergeOne by 47.6% in the third quarter. Wells Fargo & Company MN now owns 31,780 shares of the company’s stock valued at $296,000 after buying an additional 10,250 shares during the last quarter. Rhumbline Advisers purchased a new stake in shares of ConvergeOne in the second quarter valued at about $198,000. Northern Trust Corp purchased a new stake in shares of ConvergeOne in the second quarter valued at about $631,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of ConvergeOne in the second quarter valued at about $651,000. 18.97% of the stock is owned by hedge funds and other institutional investors.
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ConvergeOne Company Profile (NASDAQ:CVON)
ConvergeOne Holdings, Inc provides collaboration and technology solutions for large and medium enterprises in the United States. The company offers unified communications solutions, including communications applications, such as voice, email, presence, chat/text, and video technologies; voice and text messaging solutions; mobility and bring your own device solutions for business continuity with the seamless connection of mobile, landline, cellular, and Wi-Fi enabled devices; conferencing solutions, as well as streaming and recording, and security services; and software integration services.
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