Bytes Technology Group (LON:BYIT) Reaches New 12-Month Low - Here's What Happened

Bytes Technology Group plc (LON:BYIT - Get Free Report)'s share price hit a new 52-week low during trading on Thursday . The stock traded as low as GBX 337 ($4.54) and last traded at GBX 337.54 ($4.55), with a volume of 784856 shares changing hands. The stock had previously closed at GBX 355.40 ($4.79).

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Shore Capital downgraded Bytes Technology Group to a "hold" rating in a research report on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Bytes Technology Group from GBX 575 ($7.75) to GBX 470 ($6.34) and set a "hold" rating on the stock in a research note on Wednesday, July 2nd. Finally, Berenberg Bank downgraded shares of Bytes Technology Group to a "hold" rating and reduced their price target for the stock from GBX 660 ($8.90) to GBX 390 ($5.26) in a research note on Wednesday, July 2nd.

Bytes Technology Group Trading Down 0.6%

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 stock has a 50-day simple moving average of GBX 491.35 and a two-hundred day simple moving average of GBX 467.26. The firm has a market capitalization of £805.28 million, a P/E ratio of 15.46, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65.

Bytes Technology Group (LON:BYIT - Get Free Report) last issued its earnings results on Tuesday, May 13th. The company reported GBX 25.07 ($0.34) earnings per share for the quarter. Bytes Technology Group had a return on equity of 66.59% and a net margin of 25.47%. On average, equities research analysts anticipate that Bytes Technology Group plc will post 11.3463262 earnings per share for the current year.

Insiders Place Their Bets

In other Bytes Technology Group news, insider Sam Mudd sold 65,264 shares of Bytes Technology Group stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of GBX 500 ($6.74), for a total transaction of £326,320 ($440,080.92). Also, insider Andrew Holden sold 50,664 shares of Bytes Technology Group stock in a transaction on Friday, June 20th. The shares were sold at an average price of GBX 512 ($6.90), for a total value of £259,399.68 ($349,830.99). Over the last ninety days, insiders have sold 136,476 shares of company stock valued at $68,845,968. 9.51% 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.