Bytes Technology Group (LON:BYIT) Sets New 12-Month High - Time to Buy?

Key Points

• Bytes Technology Group reached a new 52-week high of GBX 473 before last trading at GBX 451.77, up from its prior close of GBX 451.60.
• Deutsche Bank upgraded the stock to “buy” and raised its price target to GBX 500, while the broader analyst consensus remains “hold,” with four holds and one buy rating.
• Company insiders recently bought 125,000 shares worth approximately £519,250 in total, while the stock trades at a P/E ratio of 21.66 and has a market capitalization of about £1.03 billion.

Bytes Technology Group plc (LON:BYIT - Get Free Report)'s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as GBX 473 and last traded at GBX 451.77, with a volume of 10923 shares trading hands. The stock had previously closed at GBX 451.60.

Analyst Upgrades and Downgrades

BYIT has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft raised Bytes Technology Group to a "buy" rating and raised their target price for the stock from GBX 410 to GBX 500 in a research note on Wednesday, August 26th. Jefferies Financial Group increased their price objective on Bytes Technology Group from £3,200 to £3,700 and gave the stock a "hold" rating in a report on Thursday, June 25th. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Bytes Technology Group has a consensus rating of "Hold" and a consensus target price of £743.15.

Bytes Technology Group Stock Down 0.5%

The company's fifty day simple moving average is GBX 415.74 and its 200 day simple moving average is GBX 363.38. The company has a current ratio of 1.05, a quick ratio of 0.98 and a debt-to-equity ratio of 2.44. The firm has a market capitalization of £1.03 billion, a P/E ratio of 21.66, a price-to-earnings-growth ratio of 2.27 and a beta of 0.72.

Insider Transactions at Bytes Technology Group

In related news, insider Gavin Rochussen purchased 100,000 shares of the firm's stock in a transaction that occurred on Monday, July 13th. The stock was bought at an average cost of GBX 416 per share, with a total value of £416,000. Also, insider Sam Mudd acquired 25,000 shares of the stock in a transaction on Monday, July 13th. The stock was bought at an average price of GBX 413 per share, with a total value of £103,250. 3.37% of the stock is owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.