Bytes Technology Group (LON:BYIT) Sets New 1-Year High Following Analyst Upgrade

Key Points

• Bytes Technology Group reached a new 52-week high after Deutsche Bank upgraded the stock to “buy” and raised its price target to GBX 500 from GBX 410. Shares traded as high as GBX 436 and closed near GBX 434.40.
• Analyst sentiment remains mixed overall: MarketBeat reports an average “hold” rating, with two buy ratings and four holds, while other brokers set targets below the current share price.
• Insiders showed confidence by purchasing 125,000 shares in total, including 100,000 bought by Gavin Rochussen and 25,000 by Sam Mudd. Company insiders own 3.34% of the stock.

Bytes Technology Group plc (LON:BYIT - Get Free Report)'s stock price reached a new 52-week high during trading on Thursday after Deutsche Bank Aktiengesellschaft upgraded the stock to a buy rating. Deutsche Bank Aktiengesellschaft now has a GBX 500 price target on the stock, up from their previous price target of GBX 410. Bytes Technology Group traded as high as GBX 436 and last traded at GBX 434.40, with a volume of 2642315 shares traded. The stock had previously closed at GBX 425.60.

BYIT has been the topic of a number of other research reports. UBS Group reiterated a "neutral" rating and set a GBX 305 target price on shares of Bytes Technology Group in a report on Monday, May 11th. Berenberg Bank reduced their target price on shares of Bytes Technology Group from GBX 390 to GBX 360 and set a "hold" rating on the stock in a research report on Wednesday, May 13th. Finally, Jefferies Financial Group upped their price target on Bytes Technology Group from £3,200 to £3,700 and gave the stock a "hold" rating in a research note on Thursday, June 25th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of £620.36.

Insider Activity at Bytes Technology Group

In other Bytes Technology Group news, insider Gavin Rochussen bought 100,000 shares of the business's stock in a transaction on Monday, July 13th. The shares were acquired at an average cost of GBX 416 per share, for a total transaction of £416,000. Also, insider Sam Mudd purchased 25,000 shares of the firm's stock in a transaction dated Monday, July 13th. The stock was acquired at an average price of GBX 413 per share, with a total value of £103,250. 3.34% of the stock is owned by company insiders.

Bytes Technology Group Trading Up 1.6%

The company has a debt-to-equity ratio of 2.44, a quick ratio of 0.98 and a current ratio of 1.05. The firm has a market cap of £1.01 billion, a PE ratio of 20.84, a price-to-earnings-growth ratio of 2.27 and a beta of 0.71. The stock has a 50-day simple moving average of GBX 404 and a two-hundred day simple moving average of GBX 347.14.

Bytes Technology Group Company Profile

BTG is one of the UK and Ireland's leading software, security, AI and cloud services specialists. With a team of more than 1,200 talented people, it serves around 6,000 customers in the corporate and public sectors, building lasting, trust-based relationships to help organisations get the most from the latest transformative technologies shaping our world. As a value-added reseller, BTG works hand in hand with more than 100 of the world's biggest vendors who make or distribute the software, hardware and other IT products that it provides to its customers.

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