Bytes Technology Group (LON:BYIT) Shares Down 32.8% - Here's Why

Bytes Technology Group plc (LON:BYIT - Get Free Report) was down 32.8% on Wednesday . The company traded as low as GBX 341.60 ($4.66) and last traded at GBX 341.60 ($4.66). Approximately 10,191,200 shares were traded during mid-day trading, an increase of 826% from the average daily volume of 1,100,981 shares. The stock had previously closed at GBX 508.50 ($6.94).

Wall Street Analysts Forecast Growth

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

Bytes Technology Group Trading Up 2.4%

The firm has a 50 day simple moving average of GBX 513.17 and a 200 day simple moving average of GBX 470.55. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.98 and a current ratio of 1.09. The firm has a market cap 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 posted its earnings results on Tuesday, May 13th. The company reported GBX 25.07 ($0.34) EPS for the quarter. Bytes Technology Group had a return on equity of 66.59% and a net margin of 25.47%. On average, equities research analysts predict that Bytes Technology Group plc will post 11.3463262 EPS for the current fiscal year.

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 that occurred on Tuesday, June 24th. The stock was 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 Bytes Technology Group stock in a transaction dated 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). Insiders have sold a total of 136,476 shares of company stock valued at $68,845,968 over the last ninety days. 9.51% of the stock is currently owned by 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.