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Bytes Technology Group Plc ( (GB:BYIT) ) has issued an update.
Bytes Technology Group Plc has executed a share buyback, purchasing 98,775 of its ordinary shares at an average price of 396.3693 GBP per share. This move is part of the company’s previously announced Share Buyback Programme, and all purchased shares are intended to be canceled, reducing the total number of shares in issue to 239,853,511. This strategic action could potentially enhance shareholder value by reducing the number of shares outstanding, thereby increasing earnings per share.
The most recent analyst rating on (GB:BYIT) stock is a Buy with a £459.00 price target. To see the full list of analyst forecasts on Bytes Technology Group Plc stock, see the GB:BYIT Stock Forecast page.
Spark’s Take on GB:BYIT Stock
According to Spark, TipRanks’ AI Analyst, GB:BYIT is a Outperform.
Bytes Technology Group’s strong financial performance, characterized by robust revenue growth and profitability, is the primary driver of its stock score. Technical indicators suggest potential bullish momentum, while the valuation is fair with a reasonable P/E ratio and attractive dividend yield. The absence of earnings call and corporate events data does not impact the score.
To see Spark’s full report on GB:BYIT stock, click here.
More about Bytes Technology Group Plc
Bytes Technology Group Plc is a company listed on the London Stock Exchange’s Main Market and also has a secondary listing on the Johannesburg Stock Exchange. The company operates within the technology sector, focusing on providing IT solutions and services.
Average Trading Volume: 1,255,508
Technical Sentiment Signal: Sell
Current Market Cap: £952.1M
For an in-depth examination of BYIT stock, go to TipRanks’ Overview page.