Jefferies Financial Group Issues Pessimistic Forecast for Bytes Technology Group (LON:BYIT) Stock Price

Bytes Technology Group (LON:BYIT) had its price objective lowered by stock analysts at Jefferies Financial Group from GBX 447 to GBX 380 in a research report issued to clients and investors on Wednesday, Marketbeat reports. The firm presently has a “buy” rating on the stock. Jefferies Financial Group’s price objective would indicate a potential upside of 4.80% from the company’s current price.

A number of other equities analysts also recently commented on BYIT. Deutsche Bank Aktiengesellschaft cut their price objective on Bytes Technology Group from GBX 575 to GBX 470 and set a “hold” rating on the stock in a report on Wednesday, July 2nd. Peel Hunt reiterated a “buy” rating and issued a GBX 638 target price on shares of Bytes Technology Group in a research note on Thursday, September 18th. Shore Capital reiterated a “hold” rating and issued a GBX 410 target price on shares of Bytes Technology Group in a research note on Tuesday. Finally, Berenberg Bank lowered Bytes Technology Group to a “hold” rating and lowered their target price for the company from GBX 660 to GBX 390 in a research note on Wednesday, July 2nd. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of GBX 457.60.

Bytes Technology Group Stock Down 0.9%

Shares of LON:BYIT opened at GBX 362.60 on Wednesday. The stock’s 50-day moving average price is GBX 396.94 and its two-hundred day moving average price is GBX 438.89. The company has a current ratio of 1.09, a quick ratio of 0.98 and a debt-to-equity ratio of 0.67. Bytes Technology Group has a 12-month low of GBX 317.60 and a 12-month high of GBX 563. The firm has a market cap of £869.71 million, a price-to-earnings ratio of 1,651.94, a PEG ratio of 2.27 and a beta of 0.65.

Bytes Technology Group (LON:BYIT) last released its quarterly earnings data on Tuesday, October 14th. The company reported GBX 12.03 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 will post 11.3463262 EPS for the current year.

Insider Buying and Selling

In related news, insider Sam Mudd bought 25,425 shares of the stock in a transaction dated Monday, August 18th. The stock was acquired at an average price of GBX 391 per share, for a total transaction of £99,411.75. Also, insider Patrick De Smedt acquired 12,800 shares of the stock in a transaction on Monday, August 18th. The shares were acquired at an average price of GBX 391 per share, with a total value of £50,048. Insiders have acquired a total of 61,347 shares of company stock worth $23,941,921 in the last ninety days. 3.18% 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.