Bytes Technology Group (LON:BYIT) Hits New 52-Week High – What’s Next?

Shares of Bytes Technology Group plc (LON:BYIT) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as GBX 448.20 and last traded at GBX 445.20, with a volume of 14591209 shares trading hands. The stock had previously closed at GBX 401.80.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft raised shares of Bytes Technology Group to a “buy” rating and boosted their price objective for the stock from GBX 410 to GBX 500 in a research note on Wednesday, August 26th. Jefferies Financial Group lifted their target price on Bytes Technology Group from £3,200 to £3,700 and gave the stock a “hold” rating in a report on Thursday, June 25th. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Bytes Technology Group has an average rating of “Hold” and an average target price of £620.36.

Bytes Technology Group Stock Performance

The company has a debt-to-equity ratio of 2.44, a quick ratio of 0.98 and a current ratio of 1.05. The stock’s 50 day moving average price is GBX 412.67 and its 200 day moving average price is GBX 359.21. The company has a market capitalization of £1.04 billion, a P/E ratio of 21.67, a price-to-earnings-growth ratio of 2.27 and a beta of 0.72.

Insiders Place Their Bets

In other Bytes Technology Group news, insider Gavin Rochussen bought 100,000 shares of the business’s stock in a transaction that occurred on Monday, July 13th. The shares were bought at an average price of GBX 416 per share, for a total transaction of £416,000. Also, insider Sam Mudd bought 25,000 shares of the firm’s stock in a transaction that occurred on Monday, July 13th. The shares were acquired at an average cost of GBX 413 per share, with a total value of £103,250. Corporate insiders own 3.37% 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.