Converge Technology Solutions Corp T.CTS

What Just Happened?

[TheCasinoIsOpen]

Sharp drop from $5.90 to $5.63. What was that all about? Anyone have any insight?

[WhatsUpDocTSX]

Looks like someone sold 200,000 shares at Market. This has been opening near all time highs all week, then falling like rock. Reconsidering my investment.

[TheCasinoIsOpen]

Thanks for the response. I had an order in at $5.88, which of course got filled. I thought this pull-back was a good opportunity to add to my position as Converge has done so well in the past few weeks. Hope I didn't make a miscalculation.

[fdfd12]

In small cap stocks things like this happen all the time. Good stocks go up despite. This is a good stock and will go up. It is a buying opportunity

[Ackilles]

Why? Someone is trading on momentum. Could just be just pulling money to invest in the flavour of the week. If you stopped watching the daily price changes and didn't look for another year, where do you think this stock will be?

[WhatsUpDocTSX]

Stock will be up a year from now. But a sudden 25% drop from the recent high still makes even hearty investors skip a beat or two. Until you learn more about why or see a rebound.

[Ackilles]

I don't think there is a rational why. Some people buy a stock based on future earnings potential and others may buy based on momentum.

[retiredcf]

Not sure how you come up with 25%. By my math, the SP is down 13% from its 52 week high. Although annoying, some consolidation is healthy before resuming the upward trend. GLTA

[WhatsUpDocTSX]

Thinking this happened... CST said share placement would close about Jan. 15, so on that day they announce it closed. But institutions actually bought what did not sell and they must be sold before the next news cycle. Today. A Friday. So they take anything above $4.85 to clear the deck by deadline. News coming next week?

[fdfd12]

NO There is usually a 4 month hold

[WhatsUpDocTSX]

Either way, feels good to have action on this board and read what others are thinking. Some free talk therapy ;). For the record, added shares twice this week and have never sold any CTS.

[Ackilles]

Same here. I'm looking at this as an opportunity to add more

[Ackilles]

I'm actually seeing a lot of red in my portfolio today.

[jjj123]

Probably some profit-taking.  If you believe in this company, keep holding - ignore the short-term fluctuations..  I bought 12,500 shares at $1.17.  Sold 2500 shares at $2.xx and wish I had kept them, still holding the other 10k shares.