Bytes Technology Group (LON:BYIT) Shares Down 9.2% - What's Next?

Key Points

• Bytes Technology Group's shares fell by 9.2% to GBX 374 ($4.99) during trading, with a significant increase in volume at 3,373,107 shares traded, up 148% from the average.
• Recent analyst reports indicate mixed sentiments; Peel Hunt maintains a "buy" rating with a target of GBX 638, while Berenberg lowered their rating to "hold" with a target drop from GBX 660 to GBX 390.
• Insider transactions show confidence; insiders purchased a total of 61,347 shares, suggesting a strong belief in the company's potential despite recent stock performance.

Bytes Technology Group plc (LON:BYIT - Get Free Report) dropped 9.2% on Tuesday . The company traded as low as GBX 363.80 ($4.85) and last traded at GBX 374 ($4.99). Approximately 3,373,107 shares were traded 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).

Analysts Set New Price Targets

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

Bytes Technology Group Stock Performance

The company has a debt-to-equity ratio of 0.67, a current ratio of 1.09 and a quick ratio of 0.98. The firm has a fifty day moving average price of GBX 396.78 and a two-hundred day moving average price of GBX 440.71. The stock has a market capitalization of £897.05 million, a PE ratio of 1,703.87, a P/E/G ratio of 2.27 and a beta of 0.65.

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

Insider Transactions at Bytes Technology Group

In other news, insider Sam Mudd bought 25,425 shares of the firm's stock in a transaction on Monday, August 18th. The stock was acquired at an average cost of GBX 391 per share, with a total value of £99,411.75. Also, insider Anna Vikstrom Persson bought 13,000 shares of the firm's stock in a transaction on Monday, August 18th. The shares were purchased at an average cost of GBX 386 per share, with a total value of £50,180. In the last quarter, insiders acquired 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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