Bytes Technology Group (LON:BYIT) Hits New 1-Year Low – Here’s Why

Bytes Technology Group plc (LON:BYIT)’s stock price hit a new 52-week low on Tuesday . The stock traded as low as GBX 290.80 and last traded at GBX 301.47, with a volume of 5417557 shares changing hands. The stock had previously closed at GBX 298.20.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BYIT. Berenberg Bank restated a “hold” rating and set a GBX 390 price objective on shares of Bytes Technology Group in a research report on Tuesday, October 14th. Shore Capital Group reissued a “hold” rating and set a GBX 410 price target on shares of Bytes Technology Group in a report on Tuesday, October 14th. Finally, Jefferies Financial Group lowered Bytes Technology Group to a “hold” rating and dropped their price objective for the stock from GBX 447 to GBX 400 in a research note on Wednesday, January 14th. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of GBX 461.60.

Bytes Technology Group Trading Up 1.1%

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 has a 50-day moving average price of GBX 346.61 and a two-hundred day moving average price of GBX 367.75. The stock has a market cap of £712.50 million, a PE ratio of 14.10, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65.

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