Shore Capital Reaffirms Hold Rating for Bytes Technology Group (LON:BYIT)

Key Points

• Shore Capital has reaffirmed a hold rating for Bytes Technology Group (LON:BYIT) with a price target of GBX 410, indicating a potential upside of 2.79% from its current price.
• Investment analysts have mixed views on the stock, with one buy rating and three hold ratings, leading to an average price target of GBX 477.
• Insider transactions show confidence in the company, with 61,347 shares purchased by insiders valued at approximately £23.9 million over the last 90 days.

Bytes Technology Group (LON:BYIT - Get Free Report)'s stock had its "hold" rating reissued by stock analysts at Shore Capital in a report issued on Monday,Digital Look reports. They currently have a GBX 410 price objective on the stock. Shore Capital's target price points to a potential upside of 2.79% from the stock's current price.

BYIT has been the subject of a number of other research reports. Berenberg Bank lowered Bytes Technology Group to a "hold" rating and lowered their price target for the company from GBX 660 to GBX 390 in a research report on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of 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, Peel Hunt reaffirmed a "buy" rating and issued a GBX 638 price target on shares of Bytes Technology Group in a report on Thursday, September 18th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Bytes Technology Group has an average rating of "Hold" and an average price target of GBX 477.

Bytes Technology Group Trading Down 0.0%

Shares of BYIT traded down GBX 0.12 during mid-day trading on Monday, reaching GBX 398.88. 428,515 shares of the company were exchanged, compared to its average volume of 1,362,938. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.98 and a current ratio of 1.09. Bytes Technology Group has a 52 week low of GBX 317.60 and a 52 week high of GBX 563. The business has a 50 day simple moving average of GBX 391.36 and a two-hundred day simple moving average of GBX 444.42. The stock has a market capitalization of £956.73 million, a PE ratio of 1,817.22, a PEG ratio of 2.27 and a beta of 0.65.

Insider Activity

In related news, insider Anna Vikstrom Persson bought 13,000 shares of the stock in a transaction on Monday, August 18th. The shares were purchased at an average price of GBX 386 per share, with a total value of £50,180. Also, insider Ross Paterson acquired 10,122 shares of the stock in a transaction dated Monday, August 18th. The stock was acquired at an average cost of GBX 393 per share, for a total transaction of £39,779.46. Insiders acquired a total of 61,347 shares of company stock valued at $23,941,921 in the last 90 days. Company insiders own 3.18% of the company's stock.

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 instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.