Bytes Technology Group (LON:BYIT) Reaches New 12-Month Low – Here’s Why

Bytes Technology Group plc (LON:BYIT) hit a new 52-week low during trading on Wednesday . The stock traded as low as GBX 309.60 and last traded at GBX 315, with a volume of 319714 shares trading hands. The stock had previously closed at GBX 320.60.

Analyst Ratings Changes

A number of analysts have commented on BYIT shares. Berenberg Bank reaffirmed a “hold” rating and set a GBX 390 price objective on shares of Bytes Technology Group in a research note on Tuesday, October 14th. Shore Capital reaffirmed a “hold” rating and issued a GBX 410 price objective on shares of Bytes Technology Group in a research note on Tuesday, October 14th. Finally, Jefferies Financial Group cut shares of Bytes Technology Group to a “hold” rating and lowered their price objective for the stock from GBX 447 to GBX 400 in a research report on Wednesday, January 14th. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of GBX 461.60.

Bytes Technology Group Trading Down 1.7%

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 has a market cap of £744.48 million, a price-to-earnings ratio of 14.73, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The company’s 50 day simple moving average is GBX 349.40 and its two-hundred day simple moving average is GBX 368.64.

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.