Bytes Technology Group (LON:BYIT) Sets New 52-Week Low – Should You Sell?

Bytes Technology Group plc (LON:BYIT) shares reached a new 52-week low during trading on Tuesday . The stock traded as low as GBX 248.60 and last traded at GBX 348.80, with a volume of 320785 shares. The stock had previously closed at GBX 352.80.

Analyst Ratings Changes

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

Bytes Technology Group Stock Performance

The business has a 50-day moving average of GBX 381.22 and a two-hundred day moving average of GBX 417.79. 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 company has a market cap of £820.17 million, a P/E ratio of 16.14, a P/E/G ratio of 2.27 and a beta of 0.65.

Bytes Technology Group (LON:BYIT) last announced its earnings results on Tuesday, October 14th. The company reported GBX 12.03 EPS for the quarter. Bytes Technology Group had a net margin of 25.47% and a return on equity of 66.59%. On average, sell-side analysts predict that Bytes Technology Group plc will post 11.3463262 EPS 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.