Bytes Technology Group (LON:BYIT) Share Price Breaks Below 50-Day Moving Average – Here’s What Happened

Bytes Technology Group plc (LON:BYIT) passed below its 50-day moving average during trading on Monday. The stock has a 50-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.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Jefferies Financial Group restated a “hold” rating and set a GBX 450 price objective on shares of Bytes Technology Group in a research note on Wednesday, October 14th. Berenberg Bank restated a “buy” rating and issued a GBX 520 price objective on shares of Bytes Technology Group in a report on Thursday, October 15th. Finally, Deutsche Bank Aktiengesellschaft upgraded Bytes Technology Group to a “buy” rating and upped their price objective for the company 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 company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of GBX 443.75.

Bytes Technology Group Price Performance

The business has a fifty day moving average of GBX 438.30 and a 200-day moving average of GBX 370.22. The firm has a market capitalization of £988.96 million, a P/E ratio of 20.04, a price-to-earnings-growth ratio of 2.27 and a beta of 0.72. The company has a debt-to-equity ratio of 2.94, a quick ratio of 0.98 and a current ratio of 1.03.

Bytes Technology Group (LON:BYIT) last posted its quarterly earnings results on Tuesday, October 13th. The company reported GBX 12.76 EPS for the quarter. Bytes Technology Group had a net margin of 21.65% and a return on equity of 69.17%. On average, sell-side analysts forecast that Bytes Technology Group plc will post 11.35 EPS for the current fiscal year.

Insider Transactions at Bytes Technology Group

In related news, insider Andrew Holden sold 13,452 shares of the stock in a transaction that occurred on Friday, October 23rd. The stock was sold at an average price of GBX 447, for a total transaction of £60,130.44. Also, 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 transaction of £34,378.77. Company insiders own 3.47% of the company’s stock.

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.