Bytes Technology Group (LON:BYIT) Hits New 1-Year High – Still a Buy?

Bytes Technology Group plc (LON:BYIT) shares reached a new 52-week high during mid-day trading on Wednesday. The stock traded as high as GBX 473 and last traded at GBX 451.77, with a volume of 10923 shares traded. The stock had previously closed at GBX 451.60.

Analysts Set New Price Targets

BYIT has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft upgraded shares of Bytes Technology Group to a “buy” rating and raised their target price for the stock from GBX 410 to GBX 500 in a report on Wednesday, August 26th. Jefferies Financial Group increased their price target on shares of Bytes Technology Group from £3,200 to £3,700 and gave the company a “hold” rating in a research report on Thursday, June 25th. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Bytes Technology Group currently has an average rating of “Hold” and a consensus target price of £743.15.

Bytes Technology Group Stock Performance

The business has a fifty day moving average of GBX 416.41 and a 200-day moving average of GBX 365.19. The company has a market cap of £1.01 billion, a PE ratio of 21.10, a P/E/G ratio of 2.27 and a beta of 0.72. The company has a current ratio of 1.05, a quick ratio of 0.98 and a debt-to-equity ratio of 2.44.

Insider Buying and Selling

In other Bytes Technology Group news, insider Sam Mudd bought 25,000 shares of the firm’s stock in a transaction that occurred on Monday, July 13th. The stock was bought at an average price of GBX 413 per share, for a total transaction of £103,250. Also, insider Gavin Rochussen purchased 100,000 shares of the company’s stock in a transaction that occurred on Monday, July 13th. The stock was acquired at an average cost of GBX 416 per share, with a total value of £416,000. 3.37% of the stock is currently owned by company insiders.

Bytes Technology Group Company Profile

BTG is one of the UK and Ireland’s leading software, security, AI and cloud services specialists. With a team of more than 1,200 talented people, it serves around 6,000 customers in the corporate and public sectors, building lasting, trust-based relationships to help organisations get the most from the latest transformative technologies shaping our world.

As a value-added reseller, BTG works hand in hand with more than 100 of the world’s biggest vendors who make or distribute the software, hardware and other IT products that it provides to its customers.