Bytes Technology Group (LON:BYIT) Stock Price Down 12.6% – Here’s Why

Shares of Bytes Technology Group plc (LON:BYIT) traded down 12.6% during trading on Tuesday . The company traded as low as GBX 360 ($4.80) and last traded at GBX 360 ($4.80). 2,431,513 shares traded hands during mid-day trading, an increase of 79% from the average session volume of 1,356,949 shares. The stock had previously closed at GBX 412 ($5.49).

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on BYIT shares. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Bytes Technology Group from GBX 575 to GBX 470 and set a “hold” rating on the stock in a report on Wednesday, July 2nd. Berenberg Bank lowered Bytes Technology Group to a “hold” rating and cut their price objective for the stock from GBX 660 to GBX 390 in a report on Wednesday, July 2nd. Peel Hunt reissued a “buy” rating and issued a GBX 638 target price on shares of Bytes Technology Group in a report on Thursday, September 18th. Finally, Shore Capital restated a “hold” rating and set a GBX 410 price target on shares of Bytes Technology Group in a research note on Monday, October 6th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of GBX 477.

Bytes Technology Group Price Performance

The company has a current ratio of 1.09, a quick ratio of 0.98 and a debt-to-equity ratio of 0.67. The company has a market cap of £884.10 million, a P/E ratio of 1,679.27, a P/E/G ratio of 2.27 and a beta of 0.65. The firm has a 50 day moving average of GBX 396.78 and a 200-day moving average of GBX 440.71.

Bytes Technology Group (LON:BYIT) last announced its quarterly earnings results on Tuesday, October 14th. The company reported GBX 12.03 EPS for the quarter. Bytes Technology Group had a net margin of 25.47% and a return on equity of 66.59%. On average, equities research analysts predict that Bytes Technology Group plc will post 11.3463262 EPS for the current year.

Insiders Place Their Bets

In other Bytes Technology Group news, insider Sam Mudd bought 25,425 shares of the company’s stock in a transaction on Monday, August 18th. The stock was acquired at an average price of GBX 391 per share, for a total transaction of £99,411.75. Also, insider Patrick De Smedt purchased 12,800 shares of Bytes Technology Group stock in a transaction dated Monday, August 18th. The stock was acquired at an average price of GBX 391 per share, for a total transaction of £50,048. Insiders have acquired 61,347 shares of company stock worth $23,941,921 over the last three months. 3.18% of the stock is currently owned by corporate insiders.

Bytes Technology Group Company Profile

With a 40-year track record, Bytes Technology Group is one of the UK and Ireland’s leading software, security, AI and cloud services specialists. We enable effective and cost-efficient technology sourcing, adoption and management across software, security, hardware, and AI and cloud services.

Our strong relationships with many of the world’s largest software companies enable our specialist staff to deliver the latest technology to a diverse and embedded customer base.