Bytes Technology Group (LON:BYIT) Cut to “Hold” at Shore Capital

Bytes Technology Group (LON:BYIT) was downgraded by investment analysts at Shore Capital to a “hold” rating in a research note issued to investors on Wednesday, Marketbeat Ratings reports.

Separately, Berenberg Bank boosted their price objective on Bytes Technology Group from GBX 640 ($8.74) to GBX 660 ($9.01) and gave the stock a “buy” rating in a report on Tuesday, March 18th.

Bytes Technology Group Price Performance

LON:BYIT opened at GBX 349.80 ($4.78) on Wednesday. The company has a market cap of £846.69 million, a P/E ratio of 16.26, a P/E/G ratio of 2.27 and a beta of 0.65. The firm’s fifty day moving average price is GBX 510.47 and its two-hundred day moving average price is GBX 469.93. Bytes Technology Group has a one year low of GBX 341.60 ($4.66) and a one 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.

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

Insiders Place Their Bets

In other news, insider Andrew Holden sold 50,664 shares of Bytes Technology Group stock in a transaction 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). Also, insider Sam Mudd sold 65,264 shares of the business’s stock in a transaction dated 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). Over the last ninety days, insiders sold 136,476 shares of company stock worth $68,845,968. Insiders own 9.51% of the company’s stock.

Bytes Technology Group Company Profile

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.