Bytes Technology Group's (BYIT) "Neutral" Rating Reaffirmed at UBS Group

Key Points

• UBS Group reaffirmed its "neutral" rating on Bytes Technology Group and kept a GBX 305 price target, which implies about 2.87% downside from the current share price.
• Other analysts are also cautious on the stock: Shore Capital and Jefferies both maintained hold ratings, and the overall consensus remains Hold with an average price target of GBX 422.17.
• Bytes Technology Group opened at GBX 314 and trades well below its 52-week high of GBX 563; the company also has a market cap of about £742.2 million and a beta of 0.68.

Bytes Technology Group (LON:BYIT - Get Free Report)'s stock had its "neutral" rating reaffirmed by research analysts at UBS Group in a note issued to investors on Monday,Digital Look reports. They currently have a GBX 305 price objective on the stock. UBS Group's target price would indicate a potential downside of 2.87% from the company's current price.

Several other equities analysts also recently weighed in on BYIT. Shore Capital Group reissued a "hold" rating on shares of Bytes Technology Group in a research report on Wednesday, March 25th. Jefferies Financial Group restated a "hold" rating and issued a GBX 320 price objective on shares of Bytes Technology Group in a research report on Friday, April 10th. One research analyst has rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of GBX 422.17.

Bytes Technology Group Price Performance

Bytes Technology Group stock opened at GBX 314 on Monday. Bytes Technology Group has a 52 week low of GBX 232.92 and a 52 week high of GBX 563. The company has a quick ratio of 0.98, a current ratio of 1.05 and a debt-to-equity ratio of 3.98. The firm's 50-day simple moving average is GBX 297.66 and its 200 day simple moving average is GBX 327.84. The firm has a market capitalization of £742.20 million, a PE ratio of 14.69, a P/E/G ratio of 2.27 and a beta of 0.68.

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. This has resulted in our long track record of strong financial performance.

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