Bytes Technology Group (LON:BYIT) Shares Down 24.2% After Analyst Downgrade

Bytes Technology Group plc (LON:BYIT - Get Free Report)'s share price dropped 24.2% 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 368.80 ($5.03) and last traded at GBX 385.40 ($5.26). Approximately 39,564,395 shares were traded during trading, an increase of 2,866% from the average daily volume of 1,334,102 shares. The stock had previously closed at GBX 508.50 ($6.94).

A number of other analysts have also weighed in on BYIT. Shore Capital lowered Bytes Technology Group to a "hold" rating in a research report on Wednesday. Berenberg Bank downgraded shares of Bytes Technology Group to a "hold" rating and lowered their target price for the stock from GBX 660 ($9.01) to GBX 390 ($5.32) in a research note on Wednesday.

Insiders Place Their Bets

In related news, insider Sam Mudd sold 65,264 shares of the business'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 transaction of £326,320 ($445,244.92). Also, insider Andrew Holden sold 50,664 shares of the business's stock in a transaction on Friday, June 20th. The stock was sold at an average price of GBX 512 ($6.99), for a total transaction of £259,399.68 ($353,935.98). In the last quarter, insiders have sold 136,476 shares of company stock valued at $68,845,968. Insiders own 9.51% of the company's stock.

Bytes Technology Group Trading Up 1.5%

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 business's 50 day moving average is GBX 507.53 and its 200 day moving average is GBX 469.56. The stock has a market cap of £859.76 million, a price-to-earnings ratio of 16.51, a P/E/G ratio of 2.27 and a beta of 0.65.

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) earnings per share (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, equities analysts expect that Bytes Technology Group plc will post 11.3463262 earnings per share for the current fiscal year.

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.