Bytes Technology Group (LON:BYIT) Reaches New 52-Week Low – Here’s What Happened

Shares of Bytes Technology Group plc (LON:BYIT) hit a new 52-week low on Thursday . The company traded as low as GBX 415.80 ($5.23) and last traded at GBX 431.60 ($5.43), with a volume of 26631 shares. The stock had previously closed at GBX 434.60 ($5.46).

Wall Street Analysts Forecast Growth

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

Bytes Technology Group Stock Performance

The firm’s 50 day simple moving average is GBX 462.26 and its 200 day simple moving average is GBX 490.70. The firm has a market capitalization of £1.03 billion, a price-to-earnings ratio of 2,258.95, a PEG 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 Cuts Dividend

The firm also recently announced a dividend, which was paid on Friday, November 22nd. Investors 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 yield of 0.65%. Bytes Technology Group’s dividend payout ratio is presently 4,736.84%.

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.