ConvergeOne Holdings Inc (CVON) Sees Large Decrease in Short Interest

ConvergeOne Holdings Inc (NASDAQ:CVON) saw a large decrease in short interest during the month of November. As of November 15th, there was short interest totalling 549,684 shares, a decrease of 35.7% from the October 31st total of 855,142 shares. Based on an average daily trading volume, of 657,152 shares, the days-to-cover ratio is currently 0.8 days. Approximately 2.6% of the company’s stock are short sold.

Several equities analysts have recently commented on the company. Zacks Investment Research cut ConvergeOne from a “hold” rating to a “sell” rating in a research note on Wednesday, October 10th. Needham & Company LLC cut ConvergeOne from a “buy” rating to a “hold” rating in a research note on Tuesday, November 6th. William Blair cut ConvergeOne from an “outperform” rating to a “market perform” rating in a research note on Tuesday, November 6th. BTIG Research reiterated a “neutral” rating on shares of ConvergeOne in a research note on Wednesday, November 7th. Finally, JPMorgan Chase & Co. cut ConvergeOne from an “overweight” rating to a “neutral” rating in a research note on Tuesday, November 6th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $11.50.

A number of institutional investors and hedge funds have recently made changes to their positions in CVON. Scopia Capital Management LP bought a new position in ConvergeOne during the second quarter worth $19,009,000. BlackRock Inc. lifted its stake in ConvergeOne by 425.5% during the second quarter. BlackRock Inc. now owns 1,222,314 shares of the company’s stock worth $11,476,000 after purchasing an additional 989,695 shares during the last quarter. Schwab Charles Investment Management Inc. bought a new position in ConvergeOne during the second quarter worth $1,224,000. Commonwealth Equity Services LLC bought a new position in ConvergeOne during the third quarter worth $931,000. Finally, Bank of New York Mellon Corp bought a new position in ConvergeOne during the second quarter worth $651,000. Hedge funds and other institutional investors own 22.70% of the company’s stock.

ConvergeOne stock opened at $12.46 on Tuesday. The company has a market cap of $956.50 million, a PE ratio of 32.79 and a beta of 0.50. ConvergeOne has a 52 week low of $7.95 and a 52 week high of $12.75.

ConvergeOne (NASDAQ:CVON) last released its earnings results on Tuesday, October 30th. The company reported $0.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.09. The company had revenue of $404.75 million during the quarter, compared to analysts’ expectations of $392.71 million. ConvergeOne had a negative return on equity of 76.41% and a net margin of 1.60%. As a group, sell-side analysts anticipate that ConvergeOne will post 0.95 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 11th. Investors of record on Wednesday, November 21st will be paid a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a yield of 0.64%. The ex-dividend date of this dividend is Tuesday, November 20th. ConvergeOne’s dividend payout ratio (DPR) is presently 21.05%.

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ConvergeOne Company Profile

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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