Bytes Technology Group (LON:BYIT) Stock Rating Lowered by Berenberg Bank

Bytes Technology Group (LON:BYIT - Get Free Report) was downgraded by equities research analysts at Berenberg Bank to a "hold" rating in a research note issued to investors on Wednesday, MarketBeat.com reports. They presently have a GBX 390 ($5.33) price objective on the stock, down from their prior price objective of GBX 660 ($9.01). Berenberg Bank's target price would suggest a potential upside of 11.11% from the stock's previous close.

Separately, Shore Capital lowered shares of Bytes Technology Group to a "hold" rating in a report on Wednesday.

Bytes Technology Group Stock Up 2.8%

BYIT stock opened at GBX 351 ($4.79) on Wednesday. The stock has a market capitalization of £849.60 million, a PE ratio of 16.31, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. Bytes Technology Group has a 52 week low of GBX 341.60 ($4.66) and a 52 week high of GBX 563 ($7.69). The company has a quick ratio of 0.98, a current ratio of 1.09 and a debt-to-equity ratio of 0.67. The firm has a 50 day moving average of GBX 513.17 and a 200 day moving average of GBX 470.55.

Bytes Technology Group (LON:BYIT - Get Free Report) last released its earnings results on Tuesday, May 13th. The company reported GBX 25.07 ($0.34) earnings per share (EPS) for the quarter. Bytes Technology Group had a return on equity of 66.59% and a net margin of 25.47%. Sell-side analysts forecast that Bytes Technology Group will post 11.3463262 earnings per share for the current year.

Insider Buying and Selling at Bytes Technology Group

In related news, insider Sam Mudd sold 65,264 shares of Bytes Technology Group stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of GBX 500 ($6.83), for a total value of £326,320 ($445,609.72). Also, insider Andrew Holden sold 50,664 shares of the stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of GBX 512 ($6.99), for a total value of £259,399.68 ($354,225.97). Over the last quarter, insiders sold 136,476 shares of company stock valued at $68,845,968. Company insiders own 9.51% 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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