Jefferies Financial Group Downgrades Bytes Technology Group (LON:BYIT) to Hold

Bytes Technology Group (LON:BYIT) was downgraded by Jefferies Financial Group to a “hold” rating in a report issued on Wednesday,London Stock Exchange reports. They presently have a GBX 400 price target on the stock, down from their prior price target of GBX 447. Jefferies Financial Group’s target price would indicate a potential upside of 13.19% from the company’s current price.

Several other research analysts have also weighed in on the company. Berenberg Bank reissued a “hold” rating and issued a GBX 390 price objective on shares of Bytes Technology Group in a research report on Tuesday, October 14th. Peel Hunt reissued a “buy” rating and issued a GBX 638 price objective on shares of Bytes Technology Group in a research note on Thursday, September 18th. Finally, Shore Capital reaffirmed a “hold” rating and issued a GBX 410 price objective on shares of Bytes Technology Group in a research report on Tuesday, October 14th. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of GBX 461.60.

Bytes Technology Group Stock Performance

BYIT traded up GBX 6 during trading on Wednesday, hitting GBX 353.40. The stock had a trading volume of 1,608,874 shares, compared to its average volume of 1,153,126. The company has a 50 day moving average price of GBX 352.81 and a 200-day moving average price of GBX 371.13. The firm has a market cap of £835.19 million, a price-to-earnings ratio of 16.53, a P/E/G ratio of 2.27 and a beta of 0.65. Bytes Technology Group has a one year low of GBX 317.60 and a one year high of GBX 563. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.09 and a quick ratio of 0.98.

Bytes Technology Group (LON:BYIT) last posted its quarterly earnings results on Tuesday, October 14th. The company reported GBX 12.03 EPS for the quarter. Bytes Technology Group had a return on equity of 66.59% and a net margin of 25.47%. As a group, research analysts predict that Bytes Technology Group will post 11.3463262 EPS for the current year.

Bytes Technology Group Company Profile

With a 40-year track record, Bytes Technology Group is one of the UK and Ireland’s leading software, security, AI and cloud services specialists. We enable effective and cost-efficient technology sourcing, adoption and management across software, security, hardware, and AI and cloud services.

Our strong relationships with many of the world’s largest software companies enable our specialist staff to deliver the latest technology to a diverse and embedded customer base. This has resulted in our long track record of strong financial performance.