Bytes Technology Group (LON:BYIT) Downgraded by Berenberg Bank to Hold

Bytes Technology Group (LON:BYIT) was downgraded by research analysts at Berenberg Bank to a “hold” rating in a report issued on Wednesday, Marketbeat reports. They presently have a GBX 390 ($5.32) price objective on the stock, down from their previous price objective of GBX 660 ($9.01). Berenberg Bank’s price objective would indicate a potential upside of 11.49% from the company’s current price.

Separately, Shore Capital downgraded shares of Bytes Technology Group to a “hold” rating in a research report on Wednesday.

Bytes Technology Group Trading Up 2.4%

Shares of BYIT stock opened at GBX 349.80 ($4.78) on Wednesday. The firm has a market cap of £846.69 million, a P/E ratio of 16.26, a PEG ratio of 2.27 and a beta of 0.65. Bytes Technology Group has a 1-year low of GBX 341.60 ($4.66) and a 1-year high of GBX 563 ($7.69). The company has a debt-to-equity ratio of 0.67, a current ratio of 1.09 and a quick ratio of 0.98. The firm’s 50-day simple moving average is GBX 510.47 and its 200-day simple moving average is GBX 469.93.

Bytes Technology Group (LON:BYIT) last announced its quarterly earnings data on Tuesday, May 13th. The company reported GBX 25.07 ($0.34) earnings per share for the quarter. Bytes Technology Group had a net margin of 25.47% and a return on equity of 66.59%. As a group, equities analysts forecast that Bytes Technology Group will post 11.3463262 EPS for the current year.

Insider Buying and Selling

In related news, insider Sam Mudd sold 65,264 shares of the stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of GBX 500 ($6.83), for a total transaction of £326,320 ($445,488.05). Also, insider Andrew Holden sold 50,664 shares of the stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of GBX 512 ($6.99), for a total transaction of £259,399.68 ($354,129.26). In the last three months, insiders have sold 136,476 shares of company stock valued at $68,845,968. Corporate insiders own 9.51% 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.