Bytes Technology Group (LON:BYIT) Shares Break Below 50 Day Moving Average – Here’s Why

Shares of Bytes Technology Group plc (LON:BYIT) passed below its fifty day moving average during trading on Monday. The stock has a fifty day moving average of GBX 438.30 and traded as low as GBX 424.60. Bytes Technology Group shares last traded at GBX 429.60, with a volume of 241,452 shares traded.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Jefferies Financial Group reissued a “hold” rating and set a GBX 450 price objective on shares of Bytes Technology Group in a report on Wednesday, October 14th. Berenberg Bank restated a “buy” rating and set a GBX 520 target price on shares of Bytes Technology Group in a report on Thursday, October 15th. Finally, Deutsche Bank Aktiengesellschaft raised Bytes Technology Group to a “buy” rating and boosted their target price for the stock from GBX 410 to GBX 500 in a report on Wednesday, August 26th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of GBX 443.75.

Bytes Technology Group Stock Performance

The company has a market capitalization of £988.96 million, a PE ratio of 20.04, a PEG ratio of 2.27 and a beta of 0.72. The firm’s 50-day simple moving average is GBX 438.30 and its 200-day simple moving average is GBX 370.22. The company has a current ratio of 1.03, a quick ratio of 0.98 and a debt-to-equity ratio of 2.94.

Bytes Technology Group (LON:BYIT) last released its quarterly earnings data on Tuesday, October 13th. The company reported GBX 12.76 earnings per share for the quarter. Bytes Technology Group had a net margin of 21.65% and a return on equity of 69.17%. On average, research analysts predict that Bytes Technology Group plc will post 11.35 earnings per share for the current year.

Insider Transactions at Bytes Technology Group

In other Bytes Technology Group news, insider Sam Mudd sold 7,691 shares of the business’s stock in a transaction that occurred on Friday, October 23rd. The stock was sold at an average price of GBX 447, for a total value of £34,378.77. Also, insider Andrew Holden sold 13,452 shares of the business’s stock in a transaction on Friday, October 23rd. The stock was sold at an average price of GBX 447, for a total transaction of £60,130.44. 3.47% of the stock is currently owned by insiders.

Bytes Technology Group Company Profile

BTG is one of the UK and Ireland’s leading software, security, AI and cloud services specialists. With a team of more than 1,200 talented people, it serves around 6,000 customers in the corporate and public sectors, building lasting, trust-based relationships to help organisations get the most from the latest transformative technologies shaping our world.

As a value-added reseller, BTG works hand in hand with more than 100 of the world’s biggest vendors who make or distribute the software, hardware and other IT products that it provides to its customers.