Bytes Technology Group (LON:BYIT) Stock Price Down 5.9% - Here's Why

Bytes Technology Group plc (LON:BYIT - Get Free Report) shares were down 5.9% during mid-day trading on Thursday . The stock traded as low as GBX 334.60 ($4.55) and last traded at GBX 334.60 ($4.55). Approximately 1,985,199 shares changed hands during trading, an increase of 73% from the average daily volume of 1,146,508 shares. The stock had previously closed at GBX 355.40 ($4.83).

Analysts Set New Price Targets

Several equities analysts have issued reports on BYIT shares. Shore Capital downgraded shares of Bytes Technology Group to a "hold" rating in a report on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Bytes Technology Group from GBX 575 ($7.81) to GBX 470 ($6.39) and set a "hold" rating on the stock in a report on Wednesday, July 2nd. Finally, Berenberg Bank cut shares of Bytes Technology Group to a "hold" rating and reduced their target price for the company from GBX 660 ($8.97) to GBX 390 ($5.30) in a research report on Wednesday, July 2nd.

Bytes Technology Group Price Performance

The stock's 50-day moving average price is GBX 495.21 and its 200 day moving average price is GBX 467.26. The firm has a market capitalization of £809.90 million, a price-to-earnings ratio of 15.55, 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 issued its earnings results on Tuesday, May 13th. The company reported GBX 25.07 ($0.34) EPS for the quarter. Bytes Technology Group had a net margin of 25.47% and a return on equity of 66.59%. Equities research analysts expect that Bytes Technology Group plc will post 11.3463262 earnings per share for the current fiscal year.

Insider Transactions at Bytes Technology Group

In other news, insider Andrew Holden sold 50,664 shares of the stock in a transaction dated Friday, June 20th. The shares were sold at an average price of GBX 512 ($6.96), for a total value of £259,399.68 ($352,397.34). Also, insider Sam Mudd sold 65,264 shares of the stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of GBX 500 ($6.79), for a total transaction of £326,320 ($443,309.33). Insiders sold 136,476 shares of company stock valued at $68,845,968 over the last quarter. Company insiders own 9.51% of the company's stock.

About Bytes Technology Group

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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