Bytes Technology Group (LON:BYIT) Stock Price Down 32.8% on Analyst Downgrade

Bytes Technology Group plc (LON:BYIT - Get Free Report) traded down 32.8% 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 341.60 ($4.66) and last traded at GBX 341.60 ($4.66). 10,191,200 shares changed hands during trading, an increase of 826% from the average session volume of 1,100,981 shares. The stock had previously closed at GBX 508.50 ($6.94).

A number of other analysts have also commented on BYIT. 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 report on Wednesday. Shore Capital cut Bytes Technology Group to a "hold" rating in a research note on Wednesday.

Insiders Place Their Bets

In other Bytes Technology Group news, insider Sam Mudd sold 65,264 shares of the business's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of GBX 500 ($6.82), for a total transaction of £326,320 ($445,366.45). Also, insider Andrew Holden sold 50,664 shares of the 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 ($354,032.59). In the last ninety days, insiders sold 136,476 shares of company stock valued at $68,845,968. 9.51% of the stock is owned by insiders.

Bytes Technology Group Stock Up 2.4%

The company has a debt-to-equity ratio of 0.67, a current ratio of 1.09 and a quick ratio of 0.98. The firm has a 50-day moving average of GBX 507.53 and a 200 day moving average of GBX 469.31. The stock has a market capitalization of £846.69 million, a price-to-earnings ratio of 16.26, a PEG ratio of 2.27 and a beta of 0.65.

Bytes Technology Group (LON:BYIT - Get Free Report) last issued 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 net margin of 25.47% and a return on equity of 66.59%. As a group, sell-side analysts forecast that Bytes Technology Group plc will post 11.3463262 earnings per share for the current fiscal 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.