Bytes Technology Group (LON:BYIT) Reaches New 1-Year High – What’s Next?

Shares of Bytes Technology Group plc (LON:BYIT) hit a new 52-week high during mid-day trading on Monday . The company traded as high as GBX 432.60 and last traded at GBX 421, with a volume of 41316 shares. The stock had previously closed at GBX 417.80.

Analysts Set New Price Targets

A number of analysts have recently weighed in on BYIT shares. Jefferies Financial Group raised their price objective on Bytes Technology Group from £3,200 to £3,700 and gave the stock a “hold” rating in a research report on Thursday, June 25th. UBS Group reaffirmed a “neutral” rating and set a GBX 305 target price on shares of Bytes Technology Group in a research report on Monday, May 11th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a GBX 390 price target on shares of Bytes Technology Group in a research note on Wednesday, May 13th. Finally, Berenberg Bank dropped their price target on Bytes Technology Group from GBX 390 to GBX 360 and set a “hold” rating on the stock in a research note on Wednesday, May 13th. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of £620.17.

Bytes Technology Group Price Performance

The company has a market capitalization of £959.14 million, a price-to-earnings ratio of 19.89, a P/E/G ratio of 2.27 and a beta of 0.71. The stock has a fifty day simple moving average of GBX 393.59 and a 200-day simple moving average of GBX 340.81. The company has a debt-to-equity ratio of 2.44, a current ratio of 1.05 and a quick ratio of 0.98.

Bytes Technology Group (LON:BYIT) last released its quarterly earnings data on Tuesday, May 12th. The company reported GBX 21.40 earnings per share for the quarter. The company had revenue of £220.56 million during the quarter. Bytes Technology Group had a net margin of 23.25% and a return on equity of 64.69%. On average, equities research analysts anticipate that Bytes Technology Group plc will post 11.3463262 EPS for the current year.

Insider Transactions at Bytes Technology Group

In other news, insider Gavin Rochussen bought 100,000 shares of the firm’s stock in a transaction dated Monday, July 13th. The shares were acquired at an average price of GBX 416 per share, for a total transaction of £416,000. Also, insider Sam Mudd acquired 25,000 shares of the firm’s stock in a transaction on Monday, July 13th. The stock was purchased at an average price of GBX 413 per share, for a total transaction of £103,250. Company insiders own 3.34% of the company’s stock.

About Bytes Technology Group

BTG is one of the UK and Ireland’s leading software, security, AI and cloud services specialists. With a team of more than 1,200 talented people, it serves around 6,000 customers in the corporate and public sectors, building lasting, trust-based relationships to help organisations get the most from the latest transformative technologies shaping our world.

As a value-added reseller, BTG works hand in hand with more than 100 of the world’s biggest vendors who make or distribute the software, hardware and other IT products that it provides to its customers.