Bytes Technology Group (LON:BYIT) Shares Down 24.8% on Analyst Downgrade

Bytes Technology Group plc (LON:BYIT - Get Free Report) dropped 24.8% during mid-day trading 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 382.20 ($5.21). Approximately 40,719,895 shares were traded during mid-day trading, an increase of 2,931% from the average daily volume of 1,343,273 shares. The stock had previously closed at GBX 508.50 ($6.94).

A number of other research analysts also recently issued reports on BYIT. Berenberg Bank downgraded shares of Bytes Technology Group to a "hold" rating and dropped their price target for the stock from GBX 660 ($9.01) to GBX 390 ($5.32) in a research report on Wednesday. Shore Capital downgraded shares of Bytes Technology Group to a "hold" rating in a research report on Wednesday.

Insiders Place Their Bets

In related news, insider Andrew Holden sold 50,664 shares of the business's stock in a transaction on Friday, June 20th. The shares were sold at an average price of GBX 512 ($6.99), for a total transaction of £259,399.68 ($353,935.98). Also, insider Sam Mudd sold 65,264 shares of the business's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of GBX 500 ($6.82), for a total transaction of £326,320 ($445,244.92). Insiders have sold a total of 136,476 shares of company stock worth $68,845,968 in the last quarter. 9.51% of the stock is owned by corporate insiders.

Bytes Technology Group Stock Up 1.5%

The firm has a market cap of £859.76 million, a P/E ratio of 16.51, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The stock's 50 day simple moving average is GBX 507.53 and its 200 day simple moving average is GBX 469.56. 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 - Get Free Report) last posted its earnings results on Tuesday, May 13th. The company reported GBX 25.07 ($0.34) earnings per share (EPS) for the quarter. Bytes Technology Group had a net margin of 25.47% and a return on equity of 66.59%. Research analysts anticipate 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.