Bytes Technology Group (LON:BYIT) Stock Price Up 1.1% - What's Next?

Key Points

• Bytes Technology Group's stock price increased by 1.1% to GBX 427.20 ($5.78) amid a decrease in trading volume.
• Analysts have recently downgraded the stock to a "hold" rating, with price targets ranging from GBX 390 to GBX 470.
• Insider transactions indicate mixed sentiment, with one insider purchasing 25,425 shares while another sold 50,664 shares in recent months.

Shares of Bytes Technology Group plc (LON:BYIT - Get Free Report) rose 1.1% on Tuesday . The company traded as high as GBX 430.20 ($5.82) and last traded at GBX 427.20 ($5.78). Approximately 802,703 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 1,413,180 shares. The stock had previously closed at GBX 422.40 ($5.71).

Analysts Set New Price Targets

BYIT has been the subject of a number of analyst reports. Berenberg Bank cut Bytes Technology Group to a "hold" rating and decreased their price objective for the stock from GBX 660 to GBX 390 in a research note on Wednesday, July 2nd. Shore Capital lowered shares of Bytes Technology Group to a "hold" rating in a research note on Wednesday, July 2nd. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of Bytes Technology Group from GBX 575 to GBX 470 and set a "hold" rating for the company in a report on Wednesday, July 2nd. Three equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Bytes Technology Group has an average rating of "Hold" and an average target price of GBX 430.

Bytes Technology Group Trading Up 1.1%

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 business's 50-day moving average is GBX 369.50 and its two-hundred day moving average is GBX 447.92. The firm has a market cap of £1.03 billion, a P/E ratio of 1,946.24, a P/E/G ratio of 2.27 and a beta of 0.65.

Insider Buying and Selling

In other news, insider Sam Mudd purchased 25,425 shares of the company's stock in a transaction on Monday, August 18th. The shares were purchased at an average cost of GBX 391 per share, with a total value of £99,411.75. Also, insider Andrew Holden sold 50,664 shares of Bytes Technology Group stock in a transaction dated Friday, June 20th. The stock was sold at an average price of GBX 512, for a total value of £259,399.68. In the last quarter, insiders have acquired 61,347 shares of company stock worth $23,941,921 and have sold 136,476 shares worth $68,845,968. 3.16% of the stock is owned by corporate insiders.

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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