Jefferies Financial Group Downgrades Bytes Technology Group (LON:BYIT) to Hold

Bytes Technology Group (LON:BYIT) was downgraded by Jefferies Financial Group to a “hold” rating in a report issued on Wednesday, MarketBeat reports. They currently have a GBX 400 target price on the stock, down from their prior target price of GBX 447. Jefferies Financial Group’s price target points to a potential upside of 13.19% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on BYIT. Shore Capital reiterated a “hold” rating and issued a GBX 410 price target on shares of Bytes Technology Group in a research note on Tuesday, October 14th. Peel Hunt reaffirmed a “buy” rating and issued a GBX 638 target price on shares of Bytes Technology Group in a report on Thursday, September 18th. Finally, Berenberg Bank reiterated a “hold” rating and issued a GBX 390 target price on shares of Bytes Technology Group in a research note on Tuesday, October 14th. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of GBX 461.60.

Bytes Technology Group Stock Up 1.7%

Shares of LON:BYIT opened at GBX 353.40 on Wednesday. The stock has a fifty day simple moving average of GBX 352.70 and a two-hundred day simple moving average of GBX 371.01. The stock has a market capitalization of £835.19 million, a price-to-earnings ratio of 16.53, a PEG ratio of 2.27 and a beta of 0.65. Bytes Technology Group has a 12-month low of GBX 317.60 and a 12-month high of GBX 563. 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 (LON:BYIT) last released its earnings results 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 anticipate that Bytes Technology Group 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 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.