Bytes Technology Group (LON:BYIT) Hits New 52-Week Low – Time to Sell?

Shares of Bytes Technology Group plc (LON:BYIT) hit a new 52-week low during mid-day trading on Friday . The stock traded as low as GBX 232.92 and last traded at GBX 354.40, with a volume of 1006599 shares trading hands. The stock had previously closed at GBX 353.40.

Analyst Ratings Changes

A number of research firms have recently commented on BYIT. Jefferies Financial Group downgraded shares of Bytes Technology Group to a “hold” rating and reduced their price objective for the stock from GBX 447 to GBX 400 in a research note on Wednesday. Shore Capital reiterated a “hold” rating and set a GBX 410 target price on shares of Bytes Technology Group in a report on Tuesday, October 14th. Peel Hunt reissued a “buy” rating and set a GBX 638 price target on shares of Bytes Technology Group in a research report on Thursday, September 18th. Finally, Berenberg Bank reaffirmed a “hold” rating and set a GBX 390 price target on shares of Bytes Technology Group in a research report on Tuesday, October 14th. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of GBX 461.60.

Bytes Technology Group Stock Performance

The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.98 and a current ratio of 1.09. The stock’s fifty day moving average price is GBX 352.70 and its 200-day moving average price is GBX 371.01. The company has a market capitalization of £837.55 million, a P/E ratio of 16.58, a PEG ratio of 2.27 and a beta of 0.65.

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 anticipate that Bytes Technology Group plc will post 11.3463262 EPS for the current fiscal year.

About Bytes Technology Group

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.