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Bytes Technology Group Plc ( (GB:BYIT) ) just unveiled an announcement.
Bytes Technology Group Plc has executed a share buyback program, purchasing 100,000 of its ordinary shares on the London Stock Exchange at an average price of 410.1556 GBP per share. This move is part of a previously announced buyback program and will result in the cancellation of the purchased shares, reducing the total number of shares in issue to 241,911,605. This action is likely to impact the company’s share value and voting rights, potentially benefiting shareholders by increasing the value of remaining shares.
The most recent analyst rating on (GB:BYIT) stock is a Buy with a £5.10 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 and strategic corporate actions are significant positives, contributing to a robust overall score. However, technical indicators suggest caution due to bearish momentum. The stock’s reasonable valuation and attractive dividend yield further support its investment appeal.
To see Spark’s full report on GB:BYIT stock, click here.
More about Bytes Technology Group Plc
Bytes Technology Group Plc operates in the technology sector, focusing on providing IT solutions and services. The company is listed on both the London Stock Exchange and the Johannesburg Stock Exchange, indicating a broad market focus.
Average Trading Volume: 1,234,827
Technical Sentiment Signal: Sell
Current Market Cap: £977.2M
Learn more about BYIT stock on TipRanks’ Stock Analysis page.