Bytes Technology Group (LON:BYIT) Stock Price Down 32.8% - Should You Sell?

Bytes Technology Group plc (LON:BYIT - Get Free Report)'s share price dropped 32.8% during mid-day trading on Wednesday . The company traded as low as GBX 341.60 ($4.66) and last traded at GBX 341.60 ($4.66). Approximately 10,191,200 shares changed hands during 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).

Analyst Upgrades and Downgrades

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

Bytes Technology Group Price Performance

The company has a 50 day moving average of GBX 513.17 and a two-hundred day moving average of GBX 470.55. The firm has a market cap of £826.85 million, a P/E ratio of 15.88, a PEG ratio of 2.27 and a beta of 0.65. The company has a quick ratio of 0.98, a current ratio of 1.09 and a debt-to-equity ratio of 0.67.

Bytes Technology Group (LON:BYIT - Get Free Report) last announced 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%. Sell-side analysts expect that Bytes Technology Group plc will post 11.3463262 EPS for the current year.

Insider Transactions at Bytes Technology Group

In other news, insider Andrew Holden sold 50,664 shares of Bytes Technology Group 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 ($354,225.97). Also, insider Sam Mudd sold 65,264 shares of the company's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of GBX 500 ($6.83), for a total value of £326,320 ($445,609.72). Insiders sold a total of 136,476 shares of company stock worth $68,845,968 in the last three months. 9.51% of the stock is currently owned by company 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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