Bytes Technology Group (LON:BYIT) Reaches New 12-Month Low – Should You Sell?

Bytes Technology Group plc (LON:BYIT) shares reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as GBX 248.60 and last traded at GBX 348.80, with a volume of 320785 shares changing hands. The stock had previously closed at GBX 352.80.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BYIT. Peel Hunt reaffirmed a “buy” rating and set a GBX 638 price objective on shares of Bytes Technology Group in a research note on Thursday, September 18th. Berenberg Bank reiterated a “hold” rating and issued a GBX 390 price objective on shares of Bytes Technology Group in a research note on Tuesday, October 14th. Jefferies Financial Group lowered their target price on shares of Bytes Technology Group from GBX 447 to GBX 380 and set a “buy” rating for the company in a report on Wednesday, October 15th. Finally, Shore Capital reaffirmed a “hold” rating and issued a GBX 410 target price on shares of Bytes Technology Group in a report on Tuesday, October 14th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of GBX 457.60.

Bytes Technology Group Trading Down 1.0%

The company has a quick ratio of 0.98, a current ratio of 1.09 and a debt-to-equity ratio of 0.67. The business’s 50 day moving average is GBX 384.37 and its 200-day moving average is GBX 419.55. The firm has a market cap of £830.63 million, a P/E ratio of 16.34, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65.

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