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

Bytes Technology Group plc (LON:BYIT - Get Free Report)'s share price fell 32.8% during 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 mid-day 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).

Other equities analysts have also recently issued reports about the stock. Berenberg Bank cut shares of Bytes Technology Group to a "hold" rating and lowered their price target for the company from GBX 660 ($9.01) to GBX 390 ($5.32) in a report on Wednesday. Shore Capital cut shares of Bytes Technology Group to a "hold" rating in a report on Wednesday.

Insiders Place Their Bets

In other news, insider Andrew Holden sold 50,664 shares of the firm's stock in a transaction on Friday, June 20th. The stock was sold at an average price of GBX 512 ($6.99), for a total value of £259,399.68 ($353,935.98). Also, insider Sam Mudd sold 65,264 shares of the firm's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of GBX 500 ($6.82), for a total value of £326,320 ($445,244.92). Insiders sold a total of 136,476 shares of company stock worth $68,845,968 over the last quarter. Corporate insiders own 9.51% of the company's stock.

Bytes Technology Group Trading Up 1.5%

The business has a 50-day simple moving average of GBX 507.53 and a two-hundred day simple moving average of GBX 469.56. The stock has a market cap of £859.76 million, a price-to-earnings ratio of 16.51, a P/E/G ratio of 2.27 and a beta of 0.65. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.09 and a quick ratio of 0.98.

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

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.