Bytes Technology Group (LON:BYIT) Trading Up 0.9% – Here’s Why

Bytes Technology Group plc (LON:BYIT)’s share price rose 0.9% on Tuesday . The stock traded as high as GBX 524.50 ($7.09) and last traded at GBX 521.20 ($7.05). Approximately 655,894 shares changed hands during mid-day trading, a decline of 42% from the average daily volume of 1,128,158 shares. The stock had previously closed at GBX 516.50 ($6.98).

Analyst Ratings Changes

BYIT has been the topic of several research reports. Berenberg Bank upped their target price on Bytes Technology Group from GBX 640 ($8.65) to GBX 660 ($8.92) and gave the company a “buy” rating in a report on Tuesday, March 18th. Shore Capital reaffirmed a “buy” rating on shares of Bytes Technology Group in a research note on Wednesday, May 7th.

Bytes Technology Group Trading Up 0.9%

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 firm has a market cap of £1.26 billion, a price-to-earnings ratio of 24.22, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The business has a 50 day moving average of GBX 500.84 and a 200 day moving average of GBX 462.58.

Bytes Technology Group (LON:BYIT) last posted its quarterly earnings data on Tuesday, May 13th. The company reported GBX 25.07 ($0.34) EPS for the quarter. Bytes Technology Group had a return on equity of 66.59% and a net margin of 25.47%. On average, research analysts forecast that Bytes Technology Group plc will post 11.3463262 earnings per share for the current fiscal year.

Bytes Technology Group Company Profile

With a 40-year track record, Bytes Technology Group is one of the UK’s leading providers of software, security and cloud services. We enable effective and cost-efficient technology sourcing, adoption and management across software, security, hardware 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.