Bytes Technology Group (LON:BYIT) Stock Price Down 28.5% - What's Next?

Bytes Technology Group plc (LON:BYIT - Get Free Report) dropped 28.5% during trading on Wednesday . The company traded as low as GBX 362.80 ($4.95) and last traded at GBX 363.35 ($4.96). Approximately 43,507,820 shares changed hands 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).

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on BYIT shares. Shore Capital cut shares of Bytes Technology Group to a "hold" rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft decreased their price target 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 note on Wednesday. Finally, Berenberg Bank cut 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.

Bytes Technology Group Trading Up 2.4%

The company has a quick ratio of 0.98, a current ratio of 1.09 and a debt-to-equity ratio of 0.67. The stock's 50 day moving average price is GBX 510.47 and its 200-day moving average price is GBX 469.93. The stock has a market capitalization of £846.69 million, a P/E ratio of 16.26, 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 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 return on equity of 66.59% and a net margin of 25.47%. As a group, equities research analysts expect that Bytes Technology Group plc will post 11.3463262 earnings per share for the current year.

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 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 ($354,129.26). Also, insider Sam Mudd sold 65,264 shares of the stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of GBX 500 ($6.83), for a total value of £326,320 ($445,488.05). In the last quarter, insiders have sold 136,476 shares of company stock valued at $68,845,968. 9.51% of the stock is currently owned by company insiders.

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.