Bytes Technology Group (LON:BYIT) Sets New 1-Year High Following Analyst Upgrade

Bytes Technology Group plc (LON:BYIT)’s share price hit a new 52-week high on Thursday after Deutsche Bank Aktiengesellschaft upgraded the stock to a buy rating. Deutsche Bank Aktiengesellschaft now has a GBX 500 price target on the stock, up from their previous price target of GBX 410. Bytes Technology Group traded as high as GBX 436 and last traded at GBX 434.40, with a volume of 2642315 shares changing hands. The stock had previously closed at GBX 425.60.

A number of other equities research analysts have also weighed in on the stock. Jefferies Financial Group boosted their target price on shares of Bytes Technology Group from £3,200 to £3,700 and gave the company a “hold” rating in a research note on Thursday, June 25th. UBS Group reiterated a “neutral” rating and set a GBX 305 price objective on shares of Bytes Technology Group in a research report on Monday, May 11th. Finally, Berenberg Bank lowered their target price on Bytes Technology Group from GBX 390 to GBX 360 and set a “hold” rating on the stock in a report on Wednesday, May 13th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Bytes Technology Group has a consensus rating of “Hold” and a consensus price target of £620.36.

Insider Activity at Bytes Technology Group

In other Bytes Technology Group news, insider Sam Mudd purchased 25,000 shares of the company’s stock in a transaction dated Monday, July 13th. The shares were acquired at an average price of GBX 413 per share, for a total transaction of £103,250. Also, insider Gavin Rochussen acquired 100,000 shares of the business’s stock in a transaction dated Monday, July 13th. The shares were acquired at an average cost of GBX 416 per share, with a total value of £416,000. 3.34% of the stock is currently owned by company insiders.

Bytes Technology Group Trading Up 1.6%

The company has a debt-to-equity ratio of 2.44, a quick ratio of 0.98 and a current ratio of 1.05. The stock has a market capitalization of £1.01 billion, a PE ratio of 20.84, a PEG ratio of 2.27 and a beta of 0.71. The stock has a 50-day moving average price of GBX 404 and a two-hundred day moving average price of GBX 347.14.

About Bytes Technology Group

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.