Bytes Technology Group's (BYIT) Hold Rating Reaffirmed at Berenberg Bank

Key Points

• Berenberg Bank reaffirmed Bytes Technology Group's stock with a "hold" rating and set a target price of GBX 390, indicating a potential upside of 6.56% from the current price.
• The stock has seen a modest decline, down 2.1% recently, with a trading price of GBX 366; it has a 12-month low of GBX 317.60 and a high of GBX 563.
• Insider transactions indicate confidence in the company, with several insiders acquiring over 61,000 shares in recent months, showing a commitment to the firm's prospects.

Bytes Technology Group (LON:BYIT - Get Free Report)'s stock had its "hold" rating reaffirmed by equities research analysts at Berenberg Bank in a report released on Tuesday,Digital Look reports. They currently have a GBX 390 target price on the stock. Berenberg Bank's target price points to a potential upside of 6.56% from the stock's current price.

Other analysts also recently issued reports about the company. Shore Capital reiterated a "hold" rating and issued a GBX 410 target price on shares of Bytes Technology Group in a research report on Tuesday. Peel Hunt reaffirmed a "buy" rating and issued a GBX 638 price objective on shares of Bytes Technology Group in a research note on Thursday, September 18th. Deutsche Bank Aktiengesellschaft lowered their price objective on Bytes Technology Group from GBX 575 to GBX 470 and set a "hold" rating for the company in a research note on Wednesday, July 2nd. Finally, Jefferies Financial Group lowered their price objective on Bytes Technology Group from GBX 447 to GBX 380 and set a "buy" rating for the company in a research note on Wednesday. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of GBX 457.60.

Bytes Technology Group Stock Down 2.1%

LON BYIT traded down GBX 8 during trading on Tuesday, hitting GBX 366. The stock had a trading volume of 1,406,496 shares, compared to its average volume of 1,361,964. Bytes Technology Group has a 12 month low of GBX 317.60 and a 12 month high of GBX 563. The company has a market capitalization of £877.87 million, a PE ratio of 1,667.43, a P/E/G ratio of 2.27 and a beta of 0.65. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.98 and a current ratio of 1.09. The company's 50-day moving average price is GBX 396.99 and its two-hundred day moving average price is GBX 440.25.

Bytes Technology Group (LON:BYIT - Get Free Report) last posted its earnings results on Tuesday, October 14th. The company reported GBX 12.03 earnings per share for the quarter. Bytes Technology Group had a return on equity of 66.59% and a net margin of 25.47%. As a group, sell-side analysts forecast that Bytes Technology Group will post 11.3463262 EPS for the current year.

Insiders Place Their Bets

In related news, insider Patrick De Smedt acquired 12,800 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were bought at an average cost of GBX 391 per share, for a total transaction of £50,048. Also, insider Anna Vikstrom Persson acquired 13,000 shares of the business's stock in a transaction dated Monday, August 18th. The stock was purchased at an average price of GBX 386 per share, with a total value of £50,180. Over the last three months, insiders have acquired 61,347 shares of company stock valued at $23,941,921. 3.18% of the stock is owned by insiders.

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.

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