Bytes Technology Group (LON:BYIT) Stock Price Down 9.2% – Here’s Why

Bytes Technology Group plc (LON:BYIT) dropped 9.2% during trading on Wednesday . The company traded as low as GBX 363.80 ($4.85) and last traded at GBX 374 ($4.98). Approximately 3,373,107 shares were traded during trading, an increase of 148% from the average daily volume of 1,361,680 shares. The stock had previously closed at GBX 412 ($5.49).

Analyst Ratings Changes

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

Bytes Technology Group Stock Performance

The company’s fifty day simple moving average is GBX 396.99 and its two-hundred day simple moving average is GBX 440.25. The company has a market capitalization of £895.61 million, a price-to-earnings ratio of 1,701.14, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.98 and a current ratio of 1.09.

Bytes Technology Group (LON:BYIT) last issued 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%. Equities research analysts predict that Bytes Technology Group plc will post 11.3463262 earnings per share for the current fiscal year.

Insider Transactions at Bytes Technology Group

In other news, insider Patrick De Smedt acquired 12,800 shares of Bytes Technology Group stock in a transaction that occurred on Monday, August 18th. The shares were purchased at an average cost of GBX 391 per share, for a total transaction of £50,048. Also, insider Ross Paterson acquired 10,122 shares of the firm’s stock in a transaction on Monday, August 18th. The stock was acquired at an average cost of GBX 393 per share, with a total value of £39,779.46. Insiders have purchased a total of 61,347 shares of company stock worth $23,941,921 in the last quarter. Insiders own 3.18% of the company’s stock.

About Bytes Technology Group

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.