Coveo Solutions (TSE:CVO) Shares Down 7.2% - Here's Why

Key Points

• Coveo Solutions' shares dropped by 7.2% during mid-day trading, reaching a low of C$7.80, which marks a significant decline from a previous close of C$9.02.
• Analysts have mixed projections for the company, with TD Securities and Stifel Nicolaus raising their price targets to C$12.00 and C$13.00 respectively, while National Bankshares lowered theirs to C$7.50.
• The company operates an AI-powered platform that aims to enhance digital experiences for enterprises, contributing to revenue growth and customer satisfaction.

Coveo Solutions Inc. (TSE:CVO - Get Free Report)'s share price dropped 7.2% during mid-day trading on Monday . The company traded as low as C$7.80 and last traded at C$8.37. Approximately 582,772 shares traded hands during mid-day trading, an increase of 330% from the average daily volume of 135,542 shares. The stock had previously closed at C$9.02.

Analysts Set New Price Targets

Several analysts have issued reports on CVO shares. Canaccord Genuity Group upped their price objective on Coveo Solutions from C$12.00 to C$13.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Royal Bank Of Canada raised their price target on shares of Coveo Solutions from C$11.00 to C$12.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. TD Securities increased their price objective on shares of Coveo Solutions from C$10.00 to C$12.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. National Bankshares dropped their price target on Coveo Solutions from C$8.50 to C$7.50 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Finally, Stifel Nicolaus increased their target price on Coveo Solutions from C$11.00 to C$13.00 and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of C$11.25.

Coveo Solutions Trading Up 0.3%

The company has a current ratio of 1.85, a quick ratio of 3.14 and a debt-to-equity ratio of 5.36. The business's 50-day simple moving average is C$7.86 and its 200-day simple moving average is C$6.76. The company has a market cap of C$600.03 million, a PE ratio of -55.08, a P/E/G ratio of 0.09 and a beta of 0.75.

Coveo Solutions Company Profile

Coveo Solutions Inc is an AI-powered platform. It provides applied AI solutions enabling enterprises to deliver relevant digital experiences at scale. The company's solutions provide value to its customers by helping drive revenue growth, reduce customer support costs, increase customer satisfaction and website engagement, and improve employee proficiency and satisfaction.