Bytes Technology Group (LON:BYIT) Shares Down 28.5% Following Analyst Downgrade

Bytes Technology Group plc (LON:BYIT - Get Free Report)'s share price dropped 28.5% 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 362.80 ($4.95) and last traded at GBX 363.35 ($4.96). Approximately 43,507,820 shares were traded during mid-day trading, an increase of 3,086% from the average daily volume of 1,365,399 shares. The stock had previously closed at GBX 508.50 ($6.94).

Several other research analysts have also recently issued reports on BYIT. Shore Capital cut Bytes Technology Group to a "hold" rating in a research note on Wednesday. Berenberg Bank lowered Bytes Technology Group to a "hold" rating and cut their price target for the company from GBX 660 ($9.01) to GBX 390 ($5.32) in a research note on Wednesday.

Insider Activity

In other Bytes Technology Group news, insider Sam Mudd sold 65,264 shares of the company's stock in a transaction 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). 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 ($6.99), for a total value of £259,399.68 ($353,935.98). In the last 90 days, insiders sold 136,476 shares of company stock valued at $68,845,968. Company insiders own 9.51% of the company's stock.

Bytes Technology Group Trading Up 1.5%

The stock has a market cap of £859.76 million, a PE ratio of 16.51, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The stock has a 50-day moving average of GBX 507.53 and a 200 day moving average of GBX 469.56. The company has a quick ratio of 0.98, a current ratio of 1.09 and a debt-to-equity ratio of 0.67.

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%. As a group, sell-side analysts anticipate that Bytes Technology Group plc will post 11.3463262 earnings per share 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.