Bytes Technology Group (LON:BYIT) Stock Rating Lowered by Berenberg Bank

Bytes Technology Group (LON:BYIT) was downgraded by analysts at Berenberg Bank to a “hold” rating in a research note issued to investors on Wednesday, Marketbeat reports. They currently have a GBX 390 ($5.32) target price on the stock, down from their previous target price of GBX 660 ($9.01). Berenberg Bank’s target price suggests a potential upside of 11.49% from the company’s previous close.

Separately, Shore Capital cut shares of Bytes Technology Group to a “hold” rating in a research note on Wednesday.

Bytes Technology Group Price Performance

Bytes Technology Group stock opened at GBX 349.80 ($4.78) on Wednesday. Bytes Technology Group has a 52 week low of GBX 341.60 ($4.66) and a 52 week high of GBX 563 ($7.69). 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’s 50-day simple moving average is GBX 510.47 and its 200 day simple moving average is GBX 469.93. The firm has a market capitalization of £846.69 million, a PE ratio of 16.26, a P/E/G ratio of 2.27 and a beta of 0.65.

Bytes Technology Group (LON:BYIT) last released 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 net margin of 25.47% and a return on equity of 66.59%. On average, equities research analysts predict that Bytes Technology Group will post 11.3463262 EPS for the current fiscal year.

Insider Activity

In other Bytes Technology Group news, insider Sam Mudd sold 65,264 shares of the firm’s stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of GBX 500 ($6.83), for a total transaction of £326,320 ($445,488.05). Also, insider Andrew Holden sold 50,664 shares of the firm’s stock in a transaction dated Friday, June 20th. The stock was sold at an average price of GBX 512 ($6.99), for a total transaction of £259,399.68 ($354,129.26). Insiders have sold a total of 136,476 shares of company stock worth $68,845,968 over the last ninety days. 9.51% of the stock is owned by corporate insiders.

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.