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

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

Analyst Upgrades and Downgrades

A number of analysts recently commented on BYIT shares. Shore Capital lowered Bytes Technology Group to a "hold" rating in a research report on Wednesday. Berenberg Bank downgraded Bytes Technology Group to a "hold" rating and decreased their price target for the company from GBX 660 ($9.01) to GBX 390 ($5.32) in a research report on Wednesday. Finally, 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 research report on Wednesday.

Bytes Technology Group Stock Performance

The company has a quick ratio of 0.98, a current ratio of 1.09 and a debt-to-equity ratio of 0.67. The company has a market capitalization of £846.69 million, a P/E ratio of 16.26, a PEG ratio of 2.27 and a beta of 0.65. The company'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 posted its quarterly 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%. Equities analysts anticipate that Bytes Technology Group plc will post 11.3463262 earnings per share for the current fiscal year.

Insider Activity

In other Bytes Technology Group news, insider Andrew Holden sold 50,664 shares of the company's stock in a transaction dated 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 firm's 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). Insiders sold 136,476 shares of company stock valued at $68,845,968 over the last 90 days. 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.