Bytes Technology Group (LON:BYIT) Stock Price Down 31.4% - What's Next?

Bytes Technology Group plc (LON:BYIT - Get Free Report) dropped 31.4% during trading on Wednesday . The stock traded as low as GBX 343.60 ($4.69) and last traded at GBX 348.80 ($4.76). Approximately 47,618,852 shares were traded during mid-day trading, an increase of 3,306% from the average daily volume of 1,398,026 shares. The stock had previously closed at GBX 508.50 ($6.94).

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Berenberg Bank downgraded shares of Bytes Technology Group to a "hold" rating and decreased their price objective for the company from GBX 660 ($9.01) to GBX 390 ($5.32) in a report on Wednesday. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Bytes Technology Group from GBX 575 ($7.85) to GBX 470 ($6.42) and set a "hold" rating for the company in a research report on Wednesday. Finally, Shore Capital cut Bytes Technology Group to a "hold" rating in a report on Wednesday.

Bytes Technology Group Trading Up 2.4%

The company has a 50 day moving average of GBX 513.17 and a 200 day moving average of GBX 470.55. 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 stock has a market capitalization of £846.69 million, a price-to-earnings ratio of 16.26, 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 earnings results 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%. On average, research analysts predict that Bytes Technology Group plc will post 11.3463262 EPS for the current fiscal year.

Insider Transactions 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 that occurred on Friday, June 20th. The shares were sold at an average price of GBX 512 ($6.99), for a total value of £259,399.68 ($354,129.26). Also, insider Sam Mudd sold 65,264 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of GBX 500 ($6.83), for a total value of £326,320 ($445,488.05). In the last quarter, insiders sold 136,476 shares of company stock valued at $68,845,968. 9.51% of the stock is owned by insiders.

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.