Bytes Technology Group (LON:BYIT) Shares Down 9.2% - Time to Sell?

Key Points

• Bytes Technology Group's shares fell 9.2% to GBX 374 ($4.99) during mid-day trading, significantly below its previous close of GBX 412 ($5.49).
• Analysts have issued mixed ratings, with one buy rating and three hold ratings, while price targets range from GBX 390 to GBX 638.
• Insider purchases of the stock in August totalled 61,347 shares, indicating potential confidence from company insiders in the current valuation.

Shares of Bytes Technology Group plc (LON:BYIT - Get Free Report) dropped 9.2% during trading on Tuesday . The company traded as low as GBX 363.80 ($4.85) and last traded at GBX 374 ($4.98). Approximately 3,373,107 shares traded hands during mid-day trading, an increase of 148% from the average daily volume of 1,361,680 shares. The stock had previously closed at GBX 412 ($5.49).

Wall Street Analyst Weigh In

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

Bytes Technology Group Price Performance

The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.98 and a current ratio of 1.09. The firm has a market cap of £897.05 million, a P/E ratio of 1,703.87, a P/E/G ratio of 2.27 and a beta of 0.65. The company has a 50-day moving average of GBX 396.78 and a 200 day moving average of GBX 440.71.

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

Insiders Place Their Bets

In other Bytes Technology Group news, insider Patrick De Smedt purchased 12,800 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was purchased at an average cost of GBX 391 per share, with a total value of £50,048. Also, insider Anna Vikstrom Persson purchased 13,000 shares of the company's stock in a transaction that occurred on Monday, August 18th. The shares were acquired at an average cost of GBX 386 per share, with a total value of £50,180. Over the last quarter, insiders bought 61,347 shares of company stock valued at $23,941,921. 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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