Bytes Technology Group (LON:BYIT) Shares Down 0.8% - What's Next?

Key Points

• Bytes Technology Group shares fell by 0.8% to GBX 404.40 ($5.40) during trading, with trading volume down 5% from the average session.
• Analysts have mixed ratings on the stock, with one Buy rating and three Hold ratings, and a consensus price target of GBX 477.
• Recent insider transactions included the purchase of 13,000 shares by Anna Vikstrom Persson and 10,122 shares by Ross Paterson, indicating confidence in the company's prospects.

Bytes Technology Group plc (LON:BYIT - Get Free Report) fell 0.8% during trading on Friday . The company traded as low as GBX 404.40 ($5.40) and last traded at GBX 404.40 ($5.40). 1,283,972 shares traded hands during mid-day trading, a decline of 5% from the average session volume of 1,351,939 shares. The stock had previously closed at GBX 407.60 ($5.44).

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BYIT. Shore Capital restated a "hold" rating and issued a GBX 410 price target on shares of Bytes Technology Group in a research report on Monday, October 6th. Deutsche Bank Aktiengesellschaft decreased their price target on Bytes Technology Group from GBX 575 to GBX 470 and set a "hold" rating on the stock in a research report on Wednesday, July 2nd. Peel Hunt reiterated a "buy" rating and issued a GBX 638 target price on shares of Bytes Technology Group in a research report on Thursday, September 18th. Finally, Berenberg Bank cut Bytes Technology Group to a "hold" rating and decreased their target price for the company from GBX 660 to GBX 390 in a research report on Wednesday, July 2nd. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of GBX 477.

Bytes Technology Group Stock Performance

The stock has a 50-day simple moving average of GBX 395.84 and a 200-day simple moving average of GBX 442.03. The stock has a market cap of £969.97 million, a P/E ratio of 1,842.37, a PEG ratio of 2.27 and a beta of 0.65. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.09 and a quick ratio of 0.98.

Insider Transactions at Bytes Technology Group

In other news, insider Anna Vikstrom Persson purchased 13,000 shares of the business's stock in a transaction dated Monday, August 18th. The shares were purchased at an average cost of GBX 386 per share, with a total value of £50,180. Also, insider Ross Paterson purchased 10,122 shares of the business's stock in a transaction dated Monday, August 18th. The shares were purchased at an average cost of GBX 393 per share, for a total transaction of £39,779.46. Over the last ninety days, insiders bought 61,347 shares of company stock valued at $23,941,921. Company insiders own 3.18% of the company's stock.

About Bytes Technology Group

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.

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