Bytes Technology Group (LON:BYIT) Stock Price Down 10.9% - What's Next?

Key Points

• Bytes Technology Group plc saw its stock price drop by 10.9%, trading at around GBX 367.20 ($4.90) after previously closing at GBX 412 ($5.49).
• Analysts have varied opinions on the stock, with one "buy" rating, three "hold" ratings, and a consensus target price of GBX 477.
• Insiders have been buying shares, with over 61,347 shares purchased in the last 90 days, indicating potential confidence in the company.

Bytes Technology Group plc (LON:BYIT - Get Free Report) traded down 10.9% during trading on Tuesday . The stock traded as low as GBX 365 ($4.87) and last traded at GBX 367.20 ($4.90). 3,587,202 shares were traded during trading, an increase of 163% from the average session volume of 1,362,756 shares. The stock had previously closed at GBX 412 ($5.49).

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Peel Hunt reiterated a "buy" rating and issued a GBX 638 target price on shares of Bytes Technology Group in a research note on Thursday, September 18th. Shore Capital restated a "hold" rating and set a GBX 410 price objective on shares of Bytes Technology Group in a research report on Monday, October 6th. Berenberg Bank lowered shares of Bytes Technology Group to a "hold" rating and dropped their price objective for the company from GBX 660 to GBX 390 in a report on Wednesday, July 2nd. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of 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. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of GBX 477.

Bytes Technology Group Stock Down 10.4%

The business's fifty day moving average price is GBX 396.78 and its 200 day moving average price is GBX 440.71. The company has a current ratio of 1.09, a quick ratio of 0.98 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of £885.54 million, a price-to-earnings ratio of 1,682.00, a PEG ratio of 2.27 and a beta of 0.65.

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

Insider Activity at Bytes Technology Group

In other news, insider Anna Vikstrom Persson bought 13,000 shares of Bytes Technology Group stock in a transaction on Monday, August 18th. The shares were bought at an average cost of GBX 386 per share, for a total transaction of £50,180. Also, insider Patrick De Smedt bought 12,800 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 391 per share, with a total value of £50,048. Insiders have purchased a total of 61,347 shares of company stock valued at $23,941,921 over the last 90 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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