Bytes Technology Group (LON:BYIT) Stock Price Down 32.8% - Here's Why

Bytes Technology Group plc (LON:BYIT - Get Free Report)'s stock price was down 32.8% during mid-day trading on Wednesday . The company traded as low as GBX 341.60 ($4.69) and last traded at GBX 341.60 ($4.69). 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 ($6.99).

Analyst Ratings Changes

A number of research firms recently commented on BYIT. Berenberg Bank increased their price target on Bytes Technology Group from GBX 640 ($8.79) to GBX 660 ($9.07) and gave the stock a "buy" rating in a research report on Tuesday, March 18th. Shore Capital lowered Bytes Technology Group to a "hold" rating in a research note on Wednesday.

Bytes Technology Group Trading Down 32.8%

The business's fifty day simple moving average is GBX 516.09 and its 200 day simple moving average is GBX 471.44. 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 stock has a market cap 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.

Bytes Technology Group (LON:BYIT - Get Free Report) last announced 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%. As a group, 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 Sam Mudd sold 65,264 shares of the business's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of GBX 500 ($6.87), for a total transaction of £326,320 ($448,426.55). Also, insider Andrew Holden sold 50,664 shares of the company's stock in a transaction on Friday, June 20th. The shares were sold at an average price of GBX 512 ($7.04), for a total value of £259,399.68 ($356,465.14). Insiders sold a total of 136,476 shares of company stock valued at $68,845,968 in the last 90 days. 9.51% of the stock is currently owned by corporate 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.

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