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Bytes Technology Group Plc ( (GB:BYIT) ) just unveiled an announcement.
Bytes Technology Group Plc announced the repurchase of 100,000 of its ordinary shares as part of its Share Buyback Programme. The shares were bought at a volume-weighted average price of 394.7741 GBP per share and will be canceled, reducing the company’s total number of shares in issue to 240,357,354. This move is likely to impact the company’s market positioning by potentially increasing shareholder value and optimizing its capital structure.
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 Main Market of the London Stock Exchange and has a secondary listing on the Johannesburg Stock Exchange. The company operates in the technology sector, focusing on providing IT services and solutions.
Average Trading Volume: 1,392,479
Technical Sentiment Signal: Sell
Current Market Cap: £943.1M
For detailed information about BYIT stock, go to TipRanks’ Stock Analysis page.