Bytes Technology Group (LON:BYIT) Stock Price Down 9.2% - Should You Sell?

Key Points

• Bytes Technology Group shares saw a 9.2% drop on Tuesday, trading as low as GBX 363.80, with a significant increase in trading volume.
• A number of brokerages have issued revised price targets for the stock, with Deutsche Bank lowering its target from GBX 575 to GBX 470, while Peel Hunt maintains a buy rating with a target of GBX 638.
• Insider activity shows increasing confidence in the company, as two insiders purchased a total of 25,800 shares in recent transactions, valued at over £100,000.

Bytes Technology Group plc (LON:BYIT - Get Free Report) shares fell 9.2% on Tuesday . The stock traded as low as GBX 363.80 ($4.85) and last traded at GBX 374 ($4.98). 3,373,107 shares traded hands during trading, an increase of 148% from the average session volume of 1,361,680 shares. The stock had previously closed at GBX 412 ($5.49).

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BYIT. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Bytes Technology Group from GBX 575 to GBX 470 and set a "hold" rating on the stock in a report on Wednesday, July 2nd. Berenberg Bank downgraded shares of Bytes Technology Group to a "hold" rating and lowered their price target for the stock from GBX 660 to GBX 390 in a report on Wednesday, July 2nd. Peel Hunt reissued a "buy" rating and issued a GBX 638 price target on shares of Bytes Technology Group in a report on Thursday, September 18th. Finally, Shore Capital reissued a "hold" rating and issued a GBX 410 price target on shares of Bytes Technology Group in a report on Tuesday. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Bytes Technology Group presently has a consensus rating of "Hold" and a consensus price target of GBX 477.

Bytes Technology Group Price 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 stock has a market cap of £899.93 million, a P/E ratio of 1,709.34, a PEG ratio of 2.27 and a beta of 0.65. The firm's fifty day moving average price is GBX 396.99 and its 200-day moving average price is GBX 440.25.

Bytes Technology Group (LON:BYIT - Get Free Report) last issued its earnings results on Tuesday, October 14th. The company reported GBX 12.03 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%. Analysts forecast that Bytes Technology Group plc will post 11.3463262 earnings per share for the current year.

Insider Activity at Bytes Technology Group

In other news, insider Anna Vikstrom Persson acquired 13,000 shares of the stock in a transaction on Monday, August 18th. The stock was acquired at an average price of GBX 386 per share, with a total value of £50,180. Also, insider Patrick De Smedt acquired 12,800 shares of the stock in a transaction on Monday, August 18th. The shares were purchased at an average cost of GBX 391 per share, with a total value of £50,048. In the last ninety days, insiders have acquired 61,347 shares of company stock worth $23,941,921. 3.18% of the stock is currently owned by insiders.

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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