Berenberg Bank Forecasts Strong Price Appreciation for Bytes Technology Group (LON:BYIT) Stock

Bytes Technology Group (LON:BYIT) had its price objective boosted by analysts at Berenberg Bank from GBX 640 ($8.33) to GBX 660 ($8.59) in a note issued to investors on Tuesday, Marketbeat Ratings reports. The firm presently has a “buy” rating on the stock. Berenberg Bank’s target price suggests a potential upside of 34.86% from the stock’s previous close.

Separately, Shore Capital reaffirmed a “buy” rating on shares of Bytes Technology Group in a research report on Tuesday.

Bytes Technology Group Price Performance

BYIT opened at GBX 489.40 ($6.37) on Tuesday. Bytes Technology Group has a 12-month low of GBX 400 ($5.20) and a 12-month high of GBX 610 ($7.94). The company has a current ratio of 1.09, a quick ratio of 0.98 and a debt-to-equity ratio of 0.67. The business’s fifty day simple moving average is GBX 437.91 and its 200-day simple moving average is GBX 454.81. The company has a market capitalization of £1.18 billion, a price-to-earnings ratio of 22.74, a PEG ratio of 2.27 and a beta of 0.65.

Insider Activity at Bytes Technology Group

In other Bytes Technology Group news, insider Ross Paterson purchased 2,800 shares of the firm’s stock in a transaction on Monday, January 20th. The stock was bought at an average cost of GBX 427 ($5.55) per share, for a total transaction of £11,956 ($15,553.53). 9.51% of the stock is owned by corporate insiders.

Bytes Technology Group Company Profile

With a 40-year track record, Bytes Technology Group is one of the UK’s leading providers of software, security and cloud services. We enable effective and cost-efficient technology sourcing, adoption and management across software, security, hardware 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.