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 target price of GBX 410, indicating potential upside of 10.16% from its current price.
• Analyst ratings for Bytes Technology Group show a consensus of four hold ratings and one buy rating, with a consensus price target of GBX 477.
• Insider purchases in recent months include over 61,000 shares bought, suggesting confidence among insiders in the company's future performance.

Bytes Technology Group (LON:BYIT - Get Free Report)'s stock had its "hold" rating reissued by equities research analysts at Shore Capital in a research report issued to clients and investors on Tuesday,London Stock Exchange reports. They currently have a GBX 410 target price on the stock. Shore Capital's price objective would indicate a potential upside of 10.16% from the company's current price.

Other equities research analysts have also issued reports about the company. Berenberg Bank lowered Bytes Technology Group to a "hold" rating and decreased their price target for the stock from GBX 660 to GBX 390 in a research note on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft decreased their price target 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, Peel Hunt reissued a "buy" rating and set a GBX 638 price target on shares of Bytes Technology Group in a research note on Thursday, September 18th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Bytes Technology Group has a consensus rating of "Hold" and a consensus price target of GBX 477.

Bytes Technology Group Price Performance

LON BYIT traded down GBX 39.80 during trading on Tuesday, hitting GBX 372.20. 4,138,099 shares of the stock traded hands, compared to its average volume of 1,365,524. The company has a market capitalization of £892.74 million, a P/E ratio of 1,695.67, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The firm has a 50-day simple moving average of GBX 396.78 and a 200-day simple moving average of GBX 440.71. The company has a quick ratio of 0.98, a current ratio of 1.09 and a debt-to-equity ratio of 0.67. Bytes Technology Group has a 12-month low of GBX 317.60 and a 12-month high of GBX 563.

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

Insider Buying and Selling

In related news, insider Sam Mudd purchased 25,425 shares of the business's stock in a transaction dated Monday, August 18th. The shares were acquired at an average cost of GBX 391 per share, for a total transaction of £99,411.75. Also, insider Ross Paterson bought 10,122 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were purchased at an average cost of GBX 393 per share, with a total value of £39,779.46. Over the last 90 days, insiders have acquired 61,347 shares of company stock valued at $23,941,921. 3.18% of the stock is owned by insiders.

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.

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