Bytes Technology Group (LON:BYIT) Posts Quarterly Earnings Results

Bytes Technology Group (LON:BYIT) released its quarterly earnings results on Tuesday. The company reported GBX 12.03 EPS for the quarter, Digital Look Earnings reports. Bytes Technology Group had a net margin of 25.47% and a return on equity of 66.59%.

Bytes Technology Group Trading Down 11.0%

Shares of BYIT opened at GBX 366.80 on Tuesday. 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 has a 1 year low of GBX 317.60 and a 1 year high of GBX 563. The company has a 50 day simple moving average of GBX 396.78 and a two-hundred day simple moving average of GBX 440.71. The firm has a market cap of £879.78 million, a P/E ratio of 1,671.07, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Bytes Technology Group from GBX 575 to GBX 470 and set a “hold” rating for the company in a report on Wednesday, July 2nd. Peel Hunt reissued a “buy” rating and issued a GBX 638 target price on shares of Bytes Technology Group in a report on Thursday, September 18th. Shore Capital reissued a “hold” rating and issued a GBX 410 target price on shares of Bytes Technology Group in a report on Monday, October 6th. Finally, Berenberg Bank lowered shares of Bytes Technology Group to a “hold” rating and reduced their target price for the stock from GBX 660 to GBX 390 in a report on Wednesday, July 2nd. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bytes Technology Group has an average rating of “Hold” and an average target price of GBX 477.

Insider Buying and Selling

In related news, insider Anna Vikstrom Persson purchased 13,000 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was bought at an average cost of GBX 386 per share, for a total transaction of £50,180. Also, insider Patrick De Smedt purchased 12,800 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was bought at an average price of GBX 391 per share, with a total value of £50,048. Insiders have purchased 61,347 shares of company stock valued at $23,941,921 in the last three months. Corporate insiders own 3.18% 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.