Bytes Technology Group (LON:BYIT) Hits New 12-Month Low – Here’s Why

Bytes Technology Group plc (LON:BYIT) hit a new 52-week low on Monday . The company traded as low as GBX 415.60 ($5.23) and last traded at GBX 418.81 ($5.27), with a volume of 69413 shares trading hands. The stock had previously closed at GBX 423 ($5.32).

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BYIT. Berenberg Bank restated a “buy” rating and set a GBX 640 ($8.05) target price on shares of Bytes Technology Group in a research report on Tuesday, October 15th. Shore Capital restated a “buy” rating on shares of Bytes Technology Group in a research note on Tuesday, October 15th.

Bytes Technology Group Stock Down 1.1 %

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 50-day simple moving average is GBX 453.23 and its 200 day simple moving average is GBX 484.24. The company has a market capitalization of £1.01 billion, a PE ratio of 2,202.11, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65.

Bytes Technology Group Cuts Dividend

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

About Bytes Technology Group

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.