Canaccord Genuity Group Downgrades Convey Health Solutions (NYSE:CNVY) to Hold

Convey Health Solutions (NYSE:CNVYGet Rating) was downgraded by analysts at Canaccord Genuity Group from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, The Fly reports.

A number of other equities research analysts have also recently commented on the company. Canaccord Genuity Group lowered their target price on Convey Health Solutions from $18.00 to $14.00 and set a “buy” rating on the stock in a report on Thursday, March 24th. The Goldman Sachs Group reduced their price target on Convey Health Solutions from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, March 24th. Guggenheim lowered Convey Health Solutions from a “buy” rating to a “neutral” rating in a research note on Wednesday. Finally, Barclays lowered Convey Health Solutions from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $12.00 to $11.00 in a research note on Wednesday. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $13.11.

NYSE:CNVY opened at $10.36 on Wednesday. Convey Health Solutions has a 52 week low of $3.75 and a 52 week high of $11.85. The company has a quick ratio of 1.81, a current ratio of 2.45 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $758.29 million and a P/E ratio of -60.94. The stock’s fifty day moving average is $5.68 and its two-hundred day moving average is $6.37.

Convey Health Solutions (NYSE:CNVYGet Rating) last released its earnings results on Tuesday, May 10th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.05). Convey Health Solutions had a positive return on equity of 0.64% and a negative net margin of 2.90%. The company had revenue of $96.71 million for the quarter, compared to analyst estimates of $88.68 million. Sell-side analysts anticipate that Convey Health Solutions will post 0.29 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Convey Health Solutions in the third quarter worth approximately $4,885,000. Man Group plc acquired a new stake in shares of Convey Health Solutions in the 3rd quarter valued at $185,000. Citadel Advisors LLC lifted its stake in shares of Convey Health Solutions by 38.3% in the 3rd quarter. Citadel Advisors LLC now owns 624,661 shares of the company’s stock valued at $5,247,000 after purchasing an additional 173,151 shares during the last quarter. Wellington Management Group LLP acquired a new position in Convey Health Solutions during the 3rd quarter worth $1,407,000. Finally, New York State Common Retirement Fund acquired a new position in Convey Health Solutions during the 4th quarter worth $51,000. 90.73% of the stock is currently owned by institutional investors.

About Convey Health Solutions (Get Rating)

Convey Health Solutions Holdings, Inc provides technology enabled solutions and advisory services to assist its clients with workflows across product developments, sales, member experience, clinical management, core operations, and business intelligence and analytics. It operates through two segments, Technology Enabled Solutions and Advisory Services.

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