Bytes Technology Group (LON:BYIT) Stock Price Down 24.6% on Analyst Downgrade

Bytes Technology Group plc (LON:BYIT - Get Free Report) shares traded down 24.6% on Wednesday 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 368.80 ($5.03) and last traded at GBX 383.20 ($5.23). 39,660,258 shares changed hands during trading, an increase of 2,871% from the average session volume of 1,334,863 shares. The stock had previously closed at GBX 508.50 ($6.94).

Other research analysts have also recently issued reports about the stock. Shore Capital cut shares of Bytes Technology Group to a "hold" rating in a research note on Wednesday. Berenberg Bank cut shares of Bytes Technology Group to a "hold" rating and dropped their price objective for the stock from GBX 660 ($9.01) to GBX 390 ($5.32) in a research note on Wednesday.

Insider Activity at Bytes Technology Group

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 shares were sold at an average price of GBX 512 ($6.99), for a total value of £259,399.68 ($353,935.98). 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 ($6.82), for a total transaction of £326,320 ($445,244.92). Insiders sold a total of 136,476 shares of company stock valued at $68,845,968 over the last ninety days. 9.51% of the stock is owned by corporate insiders.

Bytes Technology Group Price Performance

The stock has a market capitalization of £859.76 million, a PE ratio of 16.51, a PEG ratio of 2.27 and a beta of 0.65. 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's 50 day simple moving average is GBX 507.53 and its 200 day simple moving average is GBX 469.56.

Bytes Technology Group (LON:BYIT - Get Free Report) last released 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 analysts anticipate that Bytes Technology Group plc will post 11.3463262 earnings per share for the current year.

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.