Bytes Technology Group (LON:BYIT) Cut to "Hold" at Berenberg Bank

Berenberg Bank lowered shares of Bytes Technology Group (LON:BYIT - Free Report) to a hold rating in a research note released on Wednesday, MarketBeat.com reports. Berenberg Bank currently has GBX 390 ($5.33) price target on the stock, down from their previous price target of GBX 660 ($9.01).

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

Bytes Technology Group Stock Up 1.5%

Shares of BYIT stock traded up GBX 5.40 ($0.07) during trading hours on Wednesday, reaching GBX 355.20 ($4.85). 1,438,253 shares of the stock were exchanged, compared to its average volume of 1,113,518. The business's fifty day moving average is GBX 507.53 and its two-hundred day moving average is GBX 469.86. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.09 and a quick ratio of 0.98. Bytes Technology Group has a 12-month low of GBX 341.60 ($4.66) and a 12-month high of GBX 563 ($7.69). The firm has a market capitalization of £859.76 million, a P/E ratio of 16.51, a P/E/G ratio of 2.27 and a beta of 0.65.

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

Insider Activity at Bytes Technology Group

In other Bytes Technology Group news, insider Andrew Holden sold 50,664 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of GBX 512 ($6.99), for a total transaction of £259,399.68 ($354,225.97). Also, insider Sam Mudd sold 65,264 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of GBX 500 ($6.83), for a total transaction of £326,320 ($445,609.72). In the last 90 days, insiders have sold 136,476 shares of company stock valued at $68,845,968. 9.51% of the stock is owned by company 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.