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

Key Points

• Bytes Technology Group's stock price dropped 9.2% to GBX 374 ($4.98) with increased trading volume, highlighting investor concern.
• Equities research analysts have mixed opinions on the stock, with a consensus rating of "Hold" and an average target price of GBX 477.
• Insiders have made recent purchases totaling 61,347 shares, indicating confidence in the company's future performance amidst market fluctuations.

Bytes Technology Group plc (LON:BYIT - Get Free Report)'s stock price traded down 9.2% during mid-day trading 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 changed hands during mid-day 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

Several equities research analysts have recently issued reports on the company. Peel Hunt reaffirmed a "buy" rating and issued a GBX 638 price objective on shares of Bytes Technology Group in a research note on Thursday, September 18th. Deutsche Bank Aktiengesellschaft decreased their price target 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. Shore Capital reissued a "hold" rating and set a GBX 410 price target on shares of Bytes Technology Group in a research note on Tuesday. Finally, Berenberg Bank lowered Bytes Technology Group to a "hold" rating and decreased their price target for the stock from GBX 660 to GBX 390 in a research note on Wednesday, July 2nd. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of GBX 477.

Bytes Technology Group Trading Up 0.3%

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 50-day simple moving average of GBX 396.99 and a two-hundred day simple moving average of GBX 440.25. The firm has a market capitalization of £899.93 million, a P/E ratio of 1,709.34, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65.

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 for the quarter. Bytes Technology Group had a return on equity of 66.59% and a net margin of 25.47%. On average, equities research analysts anticipate that Bytes Technology Group plc will post 11.3463262 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Sam Mudd purchased 25,425 shares of the business's stock in a transaction dated Monday, August 18th. The shares were acquired at an average cost of GBX 391 per share, for a total transaction of £99,411.75. Also, insider Ross Paterson purchased 10,122 shares of the business's stock in a transaction dated Monday, August 18th. The stock was bought at an average price of GBX 393 per share, for a total transaction of £39,779.46. Over the last 90 days, insiders have acquired 61,347 shares of company stock valued at $23,941,921. 3.18% of the stock is 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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