Bytes Technology Group (LON:BYIT) Shares Down 27.2% - Here's What Happened

Bytes Technology Group plc (LON:BYIT - Get Free Report)'s stock price dropped 27.2% during trading on Wednesday . The company traded as low as GBX 368.60 ($5.03) and last traded at GBX 370.40 ($5.06). Approximately 42,412,664 shares traded hands during trading, an increase of 3,026% from the average daily volume of 1,356,707 shares. The stock had previously closed at GBX 508.50 ($6.94).

Analysts Set New Price Targets

BYIT has been the subject of a number of analyst reports. Shore Capital cut shares of Bytes Technology Group to a "hold" rating in a research report on Wednesday. Berenberg Bank cut shares of Bytes Technology Group to a "hold" rating and decreased their target price for the company from GBX 660 ($9.01) to GBX 390 ($5.33) in a research report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of Bytes Technology Group from GBX 575 ($7.85) to GBX 470 ($6.42) and set a "hold" rating for the company in a research report on Wednesday.

Bytes Technology Group Price Performance

The stock's fifty day moving average is GBX 513.17 and its 200-day moving average is GBX 470.55. The stock has a market capitalization of £846.69 million, a PE ratio of 16.26, a P/E/G ratio of 2.27 and a beta of 0.65. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.09 and a quick ratio of 0.98.

Bytes Technology Group (LON:BYIT - Get Free Report) last announced its quarterly 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%. As a group, equities analysts predict that Bytes Technology Group plc will post 11.3463262 earnings per share for the current fiscal year.

Insider Buying and Selling at Bytes Technology Group

In other news, insider Sam Mudd sold 65,264 shares of the firm's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of GBX 500 ($6.83), for a total value of £326,320 ($445,609.72). Also, insider Andrew Holden sold 50,664 shares of the firm's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of GBX 512 ($6.99), for a total transaction of £259,399.68 ($354,225.97). Over the last ninety days, insiders have sold 136,476 shares of company stock worth $68,845,968. Insiders own 9.51% of the company's stock.

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.