Bytes Technology Group (LON:BYIT) Stock Price Down 0.8% Following Analyst Downgrade

Bytes Technology Group plc (LON:BYIT - Get Free Report)'s stock price was down 0.8% during trading on Wednesday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from GBX 575 to GBX 470. Deutsche Bank Aktiengesellschaft currently has a hold rating on the stock. Bytes Technology Group traded as low as GBX 504 ($6.88) and last traded at GBX 508.46 ($6.94). Approximately 401,490 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 1,028,260 shares. The stock had previously closed at GBX 512.50 ($6.99).

Several other research firms have also commented on BYIT. Shore Capital lowered Bytes Technology Group to a "hold" rating in a research note on Wednesday. Berenberg Bank lowered Bytes Technology Group to a "hold" rating and reduced their price objective for the stock from GBX 660 ($9.01) to GBX 390 ($5.32) in a research note on Wednesday.

Insider Buying and Selling at Bytes Technology Group

In related news, insider Sam Mudd sold 65,264 shares of the company's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of GBX 500 ($6.82), for a total value of £326,320 ($445,244.92). 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 ($6.99), for a total transaction of £259,399.68 ($353,935.98). Insiders sold a total of 136,476 shares of company stock valued at $68,845,968 in the last ninety days. 9.51% of the stock is currently owned by insiders.

Bytes Technology Group Price Performance

The firm's fifty day simple moving average is GBX 507.53 and its 200 day simple moving average is GBX 469.56. The firm has a market cap of £859.76 million, a P/E ratio of 16.51, a P/E/G ratio of 2.27 and a beta of 0.65. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.98 and a current ratio of 1.09.

Bytes Technology Group (LON:BYIT - Get Free Report) last released its quarterly earnings data 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, analysts forecast that Bytes Technology Group plc will post 11.3463262 earnings per share for the current year.

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.