Bytes Technology Group (LON:BYIT) Given “Buy” Rating at Berenberg Bank

Berenberg Bank reaffirmed their buy rating on shares of Bytes Technology Group (LON:BYIT) in a report issued on Tuesday morning, LSE.Co.UK reports. They currently have a GBX 640 ($8.36) price objective on the stock.

Separately, Shore Capital restated a buy rating on shares of Bytes Technology Group in a research note on Tuesday.

Bytes Technology Group Stock Up 3.6 %

Shares of LON:BYIT traded up GBX 17 ($0.22) during trading on Tuesday, hitting GBX 490.80 ($6.41). The company’s stock had a trading volume of 1,146,521 shares, compared to its average volume of 866,969. The business has a 50 day moving average price of GBX 483.96 and a two-hundred day moving average price of GBX 507.03. The company has a market capitalization of £1.18 billion, a PE ratio of 2,583.16, a P/E/G ratio of 2.27 and a beta of 0.65. The company has a debt-to-equity ratio of 3.50, a quick ratio of 0.98 and a current ratio of 1.08. Bytes Technology Group has a fifty-two week low of GBX 433.80 ($5.66) and a fifty-two week high of GBX 665 ($8.68).

Bytes Technology Group Cuts Dividend

The business also recently declared a dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, November 7th will be given a GBX 3.10 ($0.04) dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a yield of 0.65%. Bytes Technology Group’s dividend payout ratio (DPR) is presently 4,736.84%.

Insider Activity at Bytes Technology Group

In related news, insider Sam Mudd purchased 5,000 shares of Bytes Technology Group stock in a transaction that occurred on Thursday, August 1st. The stock was purchased at an average cost of GBX 506 ($6.61) per share, with a total value of £25,300 ($33,037.35). 9.51% of the stock is owned by corporate insiders.

About Bytes Technology Group

Bytes Technology Group plc offers software, IT security, hardware, and cloud services in the United Kingdom, rest of Europe, and internationally. The company sells servers, laptops, and other devices; various cloud-based and non-cloud-based licenses; and externally and internally provided training and consulting services.