Bytes Technology Group (LON:BYIT) Sets New 52-Week Low – Here’s Why

Bytes Technology Group plc (LON:BYIT) shares hit a new 52-week low on Tuesday . The stock traded as low as GBX 440 ($5.58) and last traded at GBX 443.30 ($5.62), with a volume of 703491 shares trading hands. The stock had previously closed at GBX 447.20 ($5.67).

Analysts Set New Price Targets

A number of research firms recently commented on BYIT. Shore Capital reaffirmed a “buy” rating on shares of Bytes Technology Group in a research note on Tuesday, October 15th. Berenberg Bank restated a “buy” rating and set a GBX 640 ($8.11) target price on shares of Bytes Technology Group in a research report on Tuesday, October 15th.

Bytes Technology Group Stock Down 0.9 %

The company’s 50 day moving average is GBX 480.83 and its 200 day moving average is GBX 502.65. The company has a market cap of £1.07 billion, a PE ratio of 2,353.68, a P/E/G ratio of 2.27 and a beta of 0.65. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 3.50.

Bytes Technology Group Cuts Dividend

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

Bytes Technology Group Company Profile

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.