Bytes Technology Group (LON:BYIT) Shares Down 5.9% - Here's Why

Bytes Technology Group plc (LON:BYIT - Get Free Report) dropped 5.9% during trading on Friday . The stock traded as low as GBX 334.60 ($4.55) and last traded at GBX 334.60 ($4.55). Approximately 1,985,199 shares traded hands during mid-day trading, an increase of 73% from the average daily volume of 1,146,508 shares. The stock had previously closed at GBX 355.40 ($4.83).

Wall Street Analysts Forecast Growth

BYIT has been the subject of several research reports. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Bytes Technology Group from GBX 575 ($7.81) to GBX 470 ($6.39) and set a "hold" rating for the company in a report on Wednesday, July 2nd. Berenberg Bank lowered shares of Bytes Technology Group to a "hold" rating and decreased their price target for the company from GBX 660 ($8.97) to GBX 390 ($5.30) in a report on Wednesday, July 2nd. Finally, Shore Capital lowered shares of Bytes Technology Group to a "hold" rating in a report on Wednesday, July 2nd.

Bytes Technology Group Trading Down 1.0%

The firm's 50-day simple moving average is GBX 495.21 and its 200 day simple moving average is GBX 467.26. The stock has a market cap of £801.67 million, a P/E ratio of 15.39, a PEG ratio of 2.27 and a beta of 0.65. The company has a current ratio of 1.09, a quick ratio of 0.98 and a debt-to-equity ratio of 0.67.

Bytes Technology Group (LON:BYIT - Get Free Report) last issued its quarterly earnings data on Tuesday, May 13th. The company reported GBX 25.07 ($0.34) earnings per share (EPS) for the quarter. Bytes Technology Group had a return on equity of 66.59% and a net margin of 25.47%. As a group, equities research analysts anticipate that Bytes Technology Group plc will post 11.3463262 earnings per share for the current year.

Insider Activity at Bytes Technology Group

In other 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 ($6.79), for a total transaction of £326,320 ($443,309.33). Also, insider Andrew Holden sold 50,664 shares of the business's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of GBX 512 ($6.96), for a total value of £259,399.68 ($352,397.34). Over the last quarter, insiders have sold 136,476 shares of company stock valued at $68,845,968. Insiders own 9.51% of the company's stock.

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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