Bytes Technology Group (LON:BYIT) Hits New 1-Year Low – Here’s Why

Bytes Technology Group plc (LON:BYIT)’s stock price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as GBX 441.52 ($5.75) and last traded at GBX 457 ($5.95), with a volume of 486558 shares trading hands. The stock had previously closed at GBX 446.40 ($5.81).

Wall Street Analyst Weigh In

Several equities analysts have weighed in on BYIT shares. Berenberg Bank reaffirmed a “buy” rating and set a GBX 640 ($8.33) price target on shares of Bytes Technology Group in a report on Tuesday, October 15th. Shore Capital reaffirmed a “buy” rating on shares of Bytes Technology Group in a report on Tuesday, October 15th.

Bytes Technology Group Stock Performance

The company has a debt-to-equity ratio of 3.50, a quick ratio of 0.98 and a current ratio of 1.08. The firm’s fifty day moving average price is GBX 482.57 and its 200 day moving average price is GBX 504.44. The firm has a market cap of £1.10 billion, a P/E ratio of 2,367.91, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65.

Bytes Technology Group Cuts Dividend

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