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Bytes Technology Group (LON:BYIT) Shares Down 32.8% - Time to Sell?

Bytes Technology Group logo with Computer and Technology background

Shares of Bytes Technology Group plc (LON:BYIT - Get Free Report) fell 32.8% during mid-day trading on Wednesday . The company traded as low as GBX 341.60 ($4.69) and last traded at GBX 341.60 ($4.69). 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 ($6.99).

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BYIT. Shore Capital cut Bytes Technology Group to a "hold" rating in a report on Wednesday. Berenberg Bank raised their price target on Bytes Technology Group from GBX 640 ($8.79) to GBX 660 ($9.07) and gave the stock a "buy" rating in a research report on Tuesday, March 18th.

Check Out Our Latest Stock Report on BYIT

Bytes Technology Group Stock Performance

The company has a quick ratio of 0.98, a current ratio of 1.09 and a debt-to-equity ratio of 0.67. The firm has a 50 day moving average price of GBX 516.09 and a 200 day moving average price of GBX 471.44. The stock has a market cap of £826.85 million, a PE ratio of 15.88, a price-to-earnings-growth 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 net margin of 25.47% and a return on equity of 66.59%. As a group, research analysts forecast that Bytes Technology Group plc will post 11.3463262 earnings per share for the current year.

Insider Transactions at Bytes Technology Group

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 ($6.87), for a total value of £326,320 ($448,426.55). Also, insider Andrew Holden sold 50,664 shares of the stock in a transaction dated Friday, June 20th. The shares were sold at an average price of GBX 512 ($7.04), for a total transaction of £259,399.68 ($356,465.14). In the last ninety days, insiders have sold 136,476 shares of company stock worth $68,845,968. 9.51% of the stock is owned by corporate insiders.

About Bytes Technology Group

(Get Free Report)

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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