Bytes Technology Group (LON:BYIT) Sets New 52-Week High – Still a Buy?

Bytes Technology Group plc (LON:BYIT)’s stock price reached a new 52-week high on Tuesday. The stock traded as high as GBX 494.20 and last traded at GBX 462.57, with a volume of 2,798,071 shares trading hands. The stock had previously closed at GBX 462.20.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Jefferies Financial Group restated a “hold” rating and set a GBX 450 target price on shares of Bytes Technology Group in a research report on Wednesday. Deutsche Bank Aktiengesellschaft upgraded shares of Bytes Technology Group to a “buy” rating and increased their price target for the company from GBX 410 to GBX 500 in a research report on Wednesday, August 26th. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Bytes Technology Group presently has an average rating of “Hold” and a consensus price target of GBX 403.75.

Bytes Technology Group Stock Performance

The company has a market capitalization of £1.00 billion, a price-to-earnings ratio of 20.96, a PEG ratio of 2.27 and a beta of 0.72. The stock has a fifty day moving average price of GBX 425.71 and a two-hundred day moving average price of GBX 379.94. The company has a quick ratio of 0.98, a current ratio of 1.03 and a debt-to-equity ratio of 2.94.

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

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.