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

Shares of Bytes Technology Group plc (LON:BYIT - Get Free Report) dropped 28.5% during mid-day 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 traded 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 brokerages have recently issued reports on BYIT. Shore Capital cut Bytes Technology Group to a "hold" rating in a research note on Wednesday. Berenberg Bank raised their price objective on shares of Bytes Technology Group from GBX 640 ($8.74) to GBX 660 ($9.01) and gave the company a "buy" rating in a report on Tuesday, March 18th.

Bytes Technology Group Trading Down 32.8%

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 firm has a market cap of £826.85 million, a PE ratio of 15.88, a P/E/G ratio of 2.27 and a beta of 0.65. The business has a fifty day moving average price of GBX 516.09 and a 200 day moving average price of GBX 471.44.

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 for the quarter. Bytes Technology Group had a return on equity of 66.59% and a net margin of 25.47%. Analysts forecast that Bytes Technology Group plc will post 11.3463262 EPS for the current year.

Insider Buying and Selling at Bytes Technology Group

In related news, insider Sam Mudd sold 65,264 shares of Bytes Technology Group stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of GBX 500 ($6.83), for a total transaction of £326,320 ($445,609.72). Also, insider Andrew Holden sold 50,664 shares of the company'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 ($354,225.97). 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 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.