Computer Modelling Group (CMG) Stock Price Down 13% Following Analyst Downgrade

Computer Modelling Group Ltd. (TSE:CMG) dropped 13% during trading on Thursday after Canaccord Genuity lowered their price target on the stock from C$9.50 to C$8.00. The stock traded as low as C$6.57 and last traded at C$6.57. Approximately 177,680 shares were traded during mid-day trading, an increase of 92% from the average daily volume of 92,749 shares. The stock had previously closed at C$7.55.

A number of other research analysts have also recently issued reports on CMG. Industrial Alliance Securities raised Computer Modelling Group from a “hold” rating to a “buy” rating and cut their price target for the company from C$10.50 to C$10.00 in a report on Friday, August 10th. Royal Bank of Canada cut their price target on Computer Modelling Group from C$8.00 to C$7.00 and set an “underperform” rating for the company in a report on Friday, August 10th.

In other Computer Modelling Group news, Director Ryan Nicolas Schneider purchased 3,385 shares of the business’s stock in a transaction that occurred on Tuesday, August 21st. The stock was acquired at an average cost of C$8.66 per share, with a total value of C$29,314.10.

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Computer Modelling Group Company Profile (TSE:CMG)

Computer Modelling Group Ltd., a computer software technology company, develops and licenses reservoir simulation software in Canada. The company offers CMOST AI, an intelligent optimization and analysis tool that offers solution for its reservoir by combining statistical analysis, machine learning, and non-biased data interpretation; IMEX, a black oil simulator that is used to model primary and secondary oil recovery processes in conventional and unconventional oil/gas reservoirs; GEM, an equation-of-state reservoir simulator for compositional, chemical, and unconventional reservoir modelling; STARS, a thermal and processes reservoir simulator for the modelling of steam, solvents, air, and chemical recovery processes; and CoFlow, a reservoir and production system modelling software that allows reservoir and production engineers to collaborate on the same asset.

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