Bytes Technology Group (LON:BYIT) Cut to “Hold” at Berenberg Bank

Bytes Technology Group (LON:BYIT) was downgraded by Berenberg Bank to a “hold” rating in a research note issued on Wednesday, Marketbeat.com reports. They currently have a GBX 390 ($5.33) target price on the stock, down from their prior target price of GBX 660 ($9.01). Berenberg Bank’s price objective suggests a potential upside of 11.11% from the company’s previous close.

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

Bytes Technology Group Stock Performance

LON BYIT opened at GBX 351 ($4.79) on Wednesday. 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 stock’s 50 day simple moving average is GBX 513.17 and its 200-day simple moving average is GBX 470.55. The company has a market cap of £849.60 million, a PE ratio of 16.31, a price-to-earnings-growth 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).

Bytes Technology Group (LON:BYIT) last posted its quarterly earnings data on Tuesday, May 13th. The company reported GBX 25.07 ($0.34) 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, equities research analysts anticipate that Bytes Technology Group will post 11.3463262 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Sam Mudd sold 65,264 shares of Bytes Technology Group stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of GBX 500 ($6.83), for a total transaction of £326,320 ($445,609.72). Also, insider Andrew Holden sold 50,664 shares of the company’s stock in a transaction dated Friday, June 20th. The shares were sold at an average price of GBX 512 ($6.99), for a total transaction of £259,399.68 ($354,225.97). Insiders sold 136,476 shares of company stock valued at $68,845,968 over the last 90 days. Company 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.