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The latest update is out from Bytes Technology Group Plc ( (GB:BYIT) ).
Bytes Technology Group Plc announced the repurchase of 125,000 ordinary shares as part of its Share Buyback Programme. The shares were purchased at an average price of 405.1172 GBP per share and will be canceled, reducing the total number of shares in issue to 241,786,605. This move is part of the company’s strategy to optimize its capital structure and potentially enhance shareholder value.
The most recent analyst rating on (GB:BYIT) stock is a Buy with a £468.00 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 bullish momentum, though caution is advised due to potential overbought conditions. The valuation is reasonable, offering a solid dividend yield but limited growth potential. 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 Main Market of the London Stock Exchange and also has a secondary listing on the Johannesburg Stock Exchange. The company operates in the technology sector, focusing on providing IT products and services.
Average Trading Volume: 1,234,827
Technical Sentiment Signal: Sell
Current Market Cap: £977.2M
See more data about BYIT stock on TipRanks’ Stock Analysis page.