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

Bytes Technology Group plc (LON:BYIT - Get Free Report)'s share price fell 32.8% during mid-day trading on Wednesday . The company traded as low as GBX 341.60 ($4.66) and last traded at GBX 341.60 ($4.66). 10,191,200 shares traded 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).

Wall Street Analysts Forecast Growth

Several equities analysts have commented on BYIT shares. Shore Capital lowered shares of Bytes Technology Group to a "hold" rating in a report on Wednesday. Berenberg Bank lifted 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 research note on Tuesday, March 18th.

Bytes Technology Group Price Performance

The business's fifty day moving average price is GBX 513.17 and its 200 day moving average price is GBX 470.55. 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 stock has a market cap of £852.99 million, a P/E ratio of 16.38, a PEG ratio of 2.27 and a beta of 0.65.

Bytes Technology Group (LON:BYIT - Get Free Report) last posted its quarterly earnings data 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%. Sell-side analysts forecast that Bytes Technology Group plc will post 11.3463262 EPS for the current fiscal year.

Insider Buying and Selling at Bytes Technology Group

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 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 firm'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 three months, insiders sold 136,476 shares of company stock valued at $68,845,968. 9.51% of the stock is currently owned by insiders.

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.

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