Bytes Technology Group (LON:BYIT) Stock Price Down 9.2% - Here's What Happened

Key Points

• Bytes Technology Group plc experienced a significant drop of 9.2% in stock price, trading as low as GBX 363.80 ($4.85) on Tuesday, with a notable increase in trading volume.
• Analysts have mixed ratings for BYIT, with Berenberg Bank and Deutsche Bank downgrading their target prices, while Peel Hunt maintains a "buy" rating.
• Insider transactions indicated confidence, as insiders purchased a total of 61,347 shares valued at nearly £150,000 over the last quarter.

Bytes Technology Group plc (LON:BYIT - Get Free Report) dropped 9.2% on Tuesday . The stock traded as low as GBX 363.80 ($4.85) and last traded at GBX 374 ($4.99). Approximately 3,373,107 shares changed hands during mid-day trading, an increase of 148% from the average daily volume of 1,361,680 shares. The stock had previously closed at GBX 412 ($5.49).

Analyst Upgrades and Downgrades

BYIT has been the topic of several research reports. Berenberg Bank downgraded Bytes Technology Group to a "hold" rating and decreased their target price for the company from GBX 660 to GBX 390 in a research report on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft cut their target price on Bytes Technology Group from GBX 575 to GBX 470 and set a "hold" rating for the company in a research note on Wednesday, July 2nd. Peel Hunt reissued a "buy" rating and set a GBX 638 target price on shares of Bytes Technology Group in a research note on Thursday, September 18th. Finally, Shore Capital reissued a "hold" rating and set a GBX 410 target price on shares of Bytes Technology Group in a research note on Tuesday. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of GBX 477.

Bytes Technology Group Price Performance

The company has a market capitalization of £897.05 million, a PE ratio of 1,703.87, a P/E/G 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 stock has a fifty day simple moving average of GBX 396.78 and a 200-day simple moving average of GBX 440.71.

Bytes Technology Group (LON:BYIT - Get Free Report) last announced its quarterly earnings results on Tuesday, October 14th. The company reported GBX 12.03 earnings per share (EPS) for the quarter. Bytes Technology Group had a return on equity of 66.59% and a net margin of 25.47%. Equities analysts anticipate that Bytes Technology Group plc will post 11.3463262 earnings per share for the current year.

Insider Transactions at Bytes Technology Group

In other news, insider Patrick De Smedt bought 12,800 shares of Bytes Technology Group stock in a transaction dated Monday, August 18th. The stock was acquired at an average cost of GBX 391 per share, with a total value of £50,048. Also, insider Sam Mudd bought 25,425 shares of Bytes Technology Group stock in a transaction dated Monday, August 18th. The stock was purchased at an average cost of GBX 391 per share, with a total value of £99,411.75. Insiders acquired a total of 61,347 shares of company stock valued at $23,941,921 over the last quarter. Company insiders own 3.18% 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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