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An announcement from Bytes Technology Group Plc ( (GB:BYIT) ) is now available.
Bytes Technology Group Plc announced the purchase of 115,000 of its own ordinary shares as part of its Share Buyback Programme. The shares were bought at a volume-weighted average price of 353.92 GBP per share and will be canceled, reducing the total number of shares in issue to 236,778,629. This move is part of the company’s strategy to manage its capital structure and potentially enhance shareholder value.
The most recent analyst rating on (GB:BYIT) stock is a Hold with a £386.00 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 Neutral.
Bytes Technology Group’s overall stock score is driven by strong financial performance and a fair valuation, offset by bearish technical indicators. The company’s robust profitability and attractive dividend yield are significant strengths, while the current negative market momentum presents a risk.
To see Spark’s full report on GB:BYIT stock, click here.
More about Bytes Technology Group Plc
Bytes Technology Group Plc operates within the technology sector, focusing on providing IT solutions and services. The company is listed on the London Stock Exchange and has a secondary listing on the Johannesburg Stock Exchange.
Average Trading Volume: 1,040,515
Technical Sentiment Signal: Sell
Current Market Cap: £843.6M
See more insights into BYIT stock on TipRanks’ Stock Analysis page.