Bytes Technology Group (LON:BYIT) Stock Price Up 0.8% – Time to Buy?

Bytes Technology Group plc (LON:BYIT) traded up 0.8% during trading on Tuesday . The stock traded as high as GBX 361.80 and last traded at GBX 347.40. 30,279,932 shares were traded during trading, an increase of 2,095% from the average session volume of 1,379,809 shares. The stock had previously closed at GBX 344.80.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on BYIT shares. Shore Capital restated a “hold” rating and issued a GBX 410 price objective on shares of Bytes Technology Group in a research report on Tuesday, October 14th. Berenberg Bank restated a “hold” rating and set a GBX 390 price objective on shares of Bytes Technology Group in a research report on Tuesday, October 14th. Peel Hunt reaffirmed a “buy” rating and set a GBX 638 price objective on shares of Bytes Technology Group in a report on Thursday, September 18th. Finally, Jefferies Financial Group cut their target price on shares of Bytes Technology Group from GBX 447 to GBX 380 and set a “buy” rating for the company in a research report on Wednesday, October 15th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of GBX 457.60.

Bytes Technology Group Trading Up 0.8%

The company has a debt-to-equity ratio of 0.67, a current ratio of 1.09 and a quick ratio of 0.98. The firm’s 50 day moving average price is GBX 364.73 and its 200 day moving average price is GBX 399.42. The stock has a market capitalization of £821.01 million, a P/E ratio of 16.25, a P/E/G ratio of 2.27 and a beta of 0.65.

Bytes Technology Group (LON:BYIT) last posted its earnings results on Tuesday, October 14th. The company reported GBX 12.03 earnings per share (EPS) for the quarter. Bytes Technology Group had a return on equity of 66.59% and a net margin of 25.47%. As a group, equities research analysts expect that Bytes Technology Group plc will post 11.3463262 earnings per share for the current fiscal year.

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.