Bytes Technology Group (LON:BYIT) Shares Down 32.8% - Here's What Happened

Bytes Technology Group plc (LON:BYIT - Get Free Report) shares dropped 32.8% on Wednesday . The stock traded as low as GBX 341.60 ($4.66) and last traded at GBX 341.60 ($4.66). Approximately 10,191,200 shares were traded during mid-day trading, an increase of 826% from the average daily volume of 1,100,981 shares. The stock had previously closed at GBX 508.50 ($6.94).

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BYIT. Berenberg Bank cut Bytes Technology Group to a "hold" rating and reduced their target price for the company from GBX 660 ($9.01) to GBX 390 ($5.32) in a report on Wednesday. Deutsche Bank Aktiengesellschaft cut their price objective on Bytes Technology Group from GBX 575 ($7.85) to GBX 470 ($6.42) and set a "hold" rating on the stock in a report on Wednesday. Finally, Shore Capital lowered Bytes Technology Group to a "hold" rating in a research note on Wednesday.

Bytes Technology Group Trading Up 2.4%

The stock has a market capitalization of £846.69 million, a PE ratio of 16.26, a PEG ratio of 2.27 and a beta of 0.65. 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 business's 50-day moving average is GBX 510.47 and its two-hundred day moving average is GBX 469.93.

Bytes Technology Group (LON:BYIT - Get Free Report) last issued 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 return on equity of 66.59% and a net margin of 25.47%. On average, analysts predict that Bytes Technology Group plc will post 11.3463262 earnings per share for the current year.

Insider Activity

In other Bytes Technology Group news, insider Sam Mudd sold 65,264 shares of the stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of GBX 500 ($6.83), for a total value of £326,320 ($445,488.05). Also, insider Andrew Holden sold 50,664 shares of Bytes Technology Group 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 transaction of £259,399.68 ($354,129.26). Over the last quarter, insiders have sold 136,476 shares of company stock worth $68,845,968. Company 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.