Bytes Technology Group (LON:BYIT) Sets New 52-Week Low – Here’s What Happened

Bytes Technology Group plc (LON:BYIT) shares reached a new 52-week low during trading on Friday . The company traded as low as GBX 232.92 and last traded at GBX 354.40, with a volume of 1006599 shares changing hands. The stock had previously closed at GBX 353.40.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Jefferies Financial Group cut Bytes Technology Group to a “hold” rating and cut their price objective for the stock from GBX 447 to GBX 400 in a report on Wednesday. Berenberg Bank reiterated a “hold” rating and issued a GBX 390 price objective on shares of Bytes Technology Group in a research report on Tuesday, October 14th. Finally, Shore Capital reiterated a “hold” rating and set a GBX 410 target price on shares of Bytes Technology Group in a report on Tuesday, October 14th. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of GBX 461.60.

Bytes Technology Group Stock Up 0.3%

The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.98 and a current ratio of 1.09. The stock has a market cap of £838.02 million, a PE ratio of 16.59, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The company’s 50-day moving average price is GBX 352.68 and its 200 day moving average price is GBX 368.95.

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.