Bytes Technology Group (LON:BYIT) Shares Down 9.2% - Should You Sell?

Key Points

• Bytes Technology Group's shares fell by 9.2% during mid-day trading, with the stock last trading at GBX 374 ($4.99) after a peak of GBX 412 ($5.49).
• Analysts have set mixed ratings on the stock, with one Buy, three Hold, and a consensus target price of GBX 477.
• Insider purchases peaked recently, with key insiders buying a total of 61,347 shares valued at approximately $23.9 million over the past ninety days.

Bytes Technology Group plc (LON:BYIT - Get Free Report)'s share price traded down 9.2% during mid-day trading on Tuesday . The stock traded as low as GBX 363.80 ($4.85) and last traded at GBX 374 ($4.99). 3,373,107 shares were traded during mid-day trading, an increase of 148% from the average session volume of 1,361,680 shares. The stock had previously closed at GBX 412 ($5.49).

Analyst Upgrades and Downgrades

BYIT has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft dropped their target price on Bytes Technology Group from GBX 575 to GBX 470 and set a "hold" rating on the stock in a report on Wednesday, July 2nd. Peel Hunt restated a "buy" rating and set a GBX 638 price objective on shares of Bytes Technology Group in a research note on Thursday, September 18th. Shore Capital reaffirmed a "hold" rating and set a GBX 410 target price on shares of Bytes Technology Group in a report on Tuesday. Finally, Berenberg Bank cut shares of Bytes Technology Group to a "hold" rating and decreased their target price for the stock from GBX 660 to GBX 390 in a research report on Wednesday, July 2nd. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Bytes Technology Group presently has an average rating of "Hold" and a consensus target price of GBX 477.

Bytes Technology Group Stock Performance

The stock has a market cap of £897.05 million, a price-to-earnings ratio of 1,703.87, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The company's 50-day simple moving average is GBX 396.78 and its 200-day simple moving average is GBX 440.71. The company has a quick ratio of 0.98, a current ratio of 1.09 and a debt-to-equity ratio of 0.67.

Bytes Technology Group (LON:BYIT - Get Free Report) last announced its earnings results on Tuesday, October 14th. The company reported GBX 12.03 EPS for the quarter. Bytes Technology Group had a net margin of 25.47% and a return on equity of 66.59%. Analysts predict that Bytes Technology Group plc will post 11.3463262 EPS for the current fiscal year.

Insider Transactions at Bytes Technology Group

In other Bytes Technology Group news, insider Sam Mudd bought 25,425 shares of the firm's stock in a transaction on Monday, August 18th. The stock was bought at an average cost of GBX 391 per share, with a total value of £99,411.75. Also, insider Patrick De Smedt purchased 12,800 shares of Bytes Technology Group stock in a transaction on Monday, August 18th. The stock was bought at an average cost of GBX 391 per share, with a total value of £50,048. Insiders bought a total of 61,347 shares of company stock worth $23,941,921 in the last ninety days. Company insiders own 3.18% of the company's stock.

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.

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