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

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

Analysts Set New Price Targets

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

Bytes Technology Group Price Performance

The firm has a market capitalization of £744.48 million, a P/E ratio of 14.73, a P/E/G ratio of 2.27 and a beta of 0.65. The business’s fifty day moving average is GBX 349.40 and its 200 day moving average is GBX 368.64. The company has a current ratio of 1.09, a quick ratio of 0.98 and a debt-to-equity ratio of 0.67.

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.