Bytes Technology Group (LON:BYIT) Given Buy Rating at Peel Hunt

Key Points

• Bytes Technology Group's stock received a "buy" rating from Peel Hunt, with a price target of GBX 638, indicating a potential upside of 59.10% from its current price.
• In contrast, Berenberg Bank and Deutsche Bank have downgraded their ratings to "hold," with target prices significantly lower at GBX 390 and GBX 470, respectively.
• Insider trading activity includes the sale of 50,664 shares by Andrew Holden and a purchase of 10,122 shares by Ross Paterson, suggesting mixed sentiment among insiders regarding the company's stock performance.

Peel Hunt reissued their buy rating on shares of Bytes Technology Group (LON:BYIT - Free Report) in a research report report published on Thursday, MarketBeat reports. They currently have a GBX 638 price target on the stock.

A number of other research firms also recently commented on BYIT. Shore Capital downgraded Bytes Technology Group to a "hold" rating in a report on Wednesday, July 2nd. Berenberg Bank lowered Bytes Technology Group to a "hold" rating and reduced their price objective for the company from GBX 660 to GBX 390 in a research report on Wednesday, July 2nd. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on Bytes Technology Group from GBX 575 to GBX 470 and set a "hold" rating on the stock in a research note on Wednesday, July 2nd. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Bytes Technology Group has a consensus rating of "Hold" and a consensus target price of GBX 477.

Bytes Technology Group Stock Up 1.5%

BYIT stock traded up GBX 6 during trading on Thursday, hitting GBX 396.20. 939,020 shares of the company's stock were exchanged, compared to its average volume of 1,407,457. The business has a 50-day moving average price of GBX 379.47 and a two-hundred day moving average price of GBX 447.17. The stock has a market capitalization of £957.96 million, a price-to-earnings ratio of 1,805.01, a PEG ratio of 2.27 and a beta of 0.65. Bytes Technology Group has a 52-week low of GBX 317.60 and a 52-week 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.

Insiders Place Their Bets

In other Bytes Technology Group news, insider Ross Paterson purchased 10,122 shares of the stock in a transaction on Monday, August 18th. The shares were purchased at an average price of GBX 393 per share, with a total value of £39,779.46. Also, insider Patrick De Smedt bought 12,800 shares of the business's stock in a transaction on Monday, August 18th. The shares were acquired at an average price of GBX 391 per share, with a total value of £50,048. In the last ninety days, insiders have bought 61,347 shares of company stock valued at $23,941,921. Insiders own 3.16% of the company's stock.

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.