Bytes Technology Group (LON:BYIT) Downgraded by Jefferies Financial Group to “Hold”

Bytes Technology Group (LON:BYIT) was downgraded by Jefferies Financial Group to a “hold” rating in a research note issued on Wednesday,London Stock Exchange reports. They presently have a GBX 400 price objective on the stock, down from their prior price objective of GBX 447. Jefferies Financial Group’s price objective indicates a potential upside of 13.19% from the stock’s previous close.

A number of other equities analysts also recently issued reports on BYIT. Berenberg Bank reiterated a “hold” rating and issued a GBX 390 price target on shares of Bytes Technology Group in a report on Tuesday, October 14th. Peel Hunt reissued a “buy” rating and issued a GBX 638 price target on shares of Bytes Technology Group in a report on Thursday, September 18th. Finally, Shore Capital reaffirmed a “hold” rating and set a GBX 410 price objective on shares of Bytes Technology Group in a research note on Tuesday, October 14th. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of GBX 461.60.

Bytes Technology Group Trading Up 1.7%

BYIT stock traded up GBX 6 during mid-day trading on Wednesday, hitting GBX 353.40. 1,608,874 shares of the company were exchanged, compared to its average volume of 1,153,126. The firm has a market capitalization of £835.19 million, a P/E ratio of 16.53, a PEG ratio of 2.27 and a beta of 0.65. 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. The business has a fifty day simple moving average of GBX 352.81 and a 200-day simple moving average of GBX 371.13.

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

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. This has resulted in our long track record of strong financial performance.