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Bytes Technology Group (LON:BYIT) Hits New 52-Week Low - Here's Why

Bytes Technology Group logo with Computer and Technology background

Bytes Technology Group plc (LON:BYIT - Get Free Report)'s stock price reached a new 52-week low during trading on Thursday . The company traded as low as GBX 337 ($4.58) and last traded at GBX 337.54 ($4.59), with a volume of 784856 shares traded. The stock had previously closed at GBX 355.40 ($4.83).

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Shore Capital downgraded shares of Bytes Technology Group to a "hold" rating in a report on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Bytes Technology Group from GBX 575 ($7.81) to GBX 470 ($6.39) and set a "hold" rating for the company in a report on Wednesday, July 2nd. Finally, Berenberg Bank lowered shares of Bytes Technology Group to a "hold" rating and cut their price objective for the stock from GBX 660 ($8.97) to GBX 390 ($5.30) in a research report on Wednesday, July 2nd.

Check Out Our Latest Report on BYIT

Bytes Technology Group Price Performance

The company has a quick ratio of 0.98, a current ratio of 1.09 and a debt-to-equity ratio of 0.67. The company's 50 day moving average is GBX 498.93 and its 200 day moving average is GBX 467.86. The firm has a market capitalization of £827.33 million, a price-to-earnings ratio of 15.88, a P/E/G ratio of 2.27 and a beta of 0.65.

Bytes Technology Group (LON:BYIT - Get Free Report) last posted its earnings results on Tuesday, May 13th. The company reported GBX 25.07 ($0.34) 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 anticipate that Bytes Technology Group plc will post 11.3463262 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Bytes Technology Group news, insider Sam Mudd sold 65,264 shares of the stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of GBX 500 ($6.80), for a total transaction of £326,320 ($443,490.08). Also, insider Andrew Holden sold 50,664 shares of the stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of GBX 512 ($6.96), for a total transaction of £259,399.68 ($352,541.02). In the last quarter, insiders sold 136,476 shares of company stock valued at $68,845,968. 9.51% of the stock is owned by company insiders.

About Bytes Technology Group

(Get Free Report)

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.

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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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