Bytes Technology Group (LON:BYIT) Sets New 52-Week Low Following Analyst Downgrade

Bytes Technology Group plc (LON:BYIT - Get Free Report) shares hit a new 52-week low during trading on Thursday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from GBX 575 to GBX 470. Deutsche Bank Aktiengesellschaft currently has a hold rating on the stock. Bytes Technology Group traded as low as GBX 341.60 ($4.66) and last traded at GBX 341.60 ($4.66), with a volume of 10191200 shares changing hands. The stock had previously closed at GBX 508.50 ($6.94).

Several other research analysts have also issued reports on the company. Shore Capital lowered Bytes Technology Group to a "hold" rating in a research report on Wednesday. Berenberg Bank lowered Bytes Technology Group to a "hold" rating and lowered their price objective for the stock from GBX 660 ($9.01) to GBX 390 ($5.33) in a research report on Wednesday.

Insider Buying and Selling

In other Bytes Technology Group news, insider Andrew Holden sold 50,664 shares of Bytes Technology Group stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of GBX 512 ($6.99), for a total value of £259,399.68 ($354,225.97). Also, insider Sam Mudd sold 65,264 shares of Bytes Technology Group stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of GBX 500 ($6.83), for a total value of £326,320 ($445,609.72). Over the last quarter, insiders 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 Stock Performance

The company has a debt-to-equity ratio of 0.67, a current ratio of 1.09 and a quick ratio of 0.98. The stock has a fifty day simple moving average of GBX 507.53 and a two-hundred day simple moving average of GBX 469.86. The firm has a market capitalization of £859.76 million, a P/E ratio of 16.51, a P/E/G ratio of 2.27 and a beta of 0.65.

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

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.