Bytes Technology Group (LON:BYIT) Shares Down 30.6% - Should You Sell?

Bytes Technology Group plc (LON:BYIT - Get Free Report)'s share price dropped 30.6% on Wednesday . The stock traded as low as GBX 349.20 ($4.77) and last traded at GBX 353 ($4.82). Approximately 45,747,875 shares traded hands during mid-day trading, an increase of 3,207% from the average daily volume of 1,383,177 shares. The stock had previously closed at GBX 508.50 ($6.94).

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Shore Capital lowered Bytes Technology Group to a "hold" rating in a report on Wednesday. Berenberg Bank raised their price objective on shares of Bytes Technology Group from GBX 640 ($8.74) to GBX 660 ($9.01) and gave the company a "buy" rating in a research report on Tuesday, March 18th.

Bytes Technology Group Trading Down 32.8%

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 capitalization of £826.85 million, a P/E ratio of 15.88, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The firm has a 50 day moving average price of GBX 513.17 and a two-hundred day moving average price of GBX 470.55.

Bytes Technology Group (LON:BYIT - Get Free Report) last released its quarterly earnings results on Tuesday, May 13th. The company reported GBX 25.07 ($0.34) earnings per share for the quarter. Bytes Technology Group had a return on equity of 66.59% and a net margin of 25.47%. On average, equities research analysts expect that Bytes Technology Group plc will post 11.3463262 EPS for the current fiscal year.

Insider Activity at Bytes Technology Group

In other Bytes Technology Group news, insider Andrew Holden sold 50,664 shares of the firm's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of GBX 512 ($6.99), for a total transaction of £259,399.68 ($354,225.97). Also, insider Sam Mudd sold 65,264 shares of Bytes Technology Group stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of GBX 500 ($6.83), for a total value of £326,320 ($445,609.72). Over the last quarter, insiders have sold 136,476 shares of company stock worth $68,845,968. Corporate insiders own 9.51% of the company's stock.

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.