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

Key Points

• Bytes Technology Group's share price fell by 9.2% to GBX 374, with trading volume increasing by 148% compared to its average.
• Analysts have issued mixed ratings, with Deutsche Bank lowering its price target to GBX 470 while Peel Hunt maintains a "buy" rating with a target of GBX 638.
• Insider transactions include purchases by Sam Mudd and Ross Paterson, who bought a total of over 35,500 shares in August, indicating confidence from company insiders.

Bytes Technology Group plc (LON:BYIT - Get Free Report)'s share price fell 9.2% on Tuesday . The stock traded as low as GBX 363.80 ($4.85) and last traded at GBX 374 ($4.99). 3,373,107 shares changed 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).

Analyst Ratings Changes

A number of brokerages have weighed in on BYIT. Deutsche Bank Aktiengesellschaft lowered their price target on Bytes Technology Group from GBX 575 to GBX 470 and set a "hold" rating on the stock in a research report 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 report on Thursday, September 18th. Berenberg Bank lowered Bytes Technology Group to a "hold" rating and decreased their target price for the stock from GBX 660 to GBX 390 in a report on Wednesday, July 2nd. Finally, Shore Capital reiterated a "hold" rating and issued a GBX 410 price objective on shares of Bytes Technology Group in a report on Tuesday. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of GBX 477.

Bytes Technology Group Trading Down 9.2%

The company has a market capitalization of £897.05 million, a price-to-earnings ratio of 1,703.87, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.98 and a current ratio of 1.09. The firm has a fifty day moving average price of GBX 396.78 and a 200-day moving average price of GBX 440.71.

Bytes Technology Group (LON:BYIT - Get Free Report) last announced its quarterly earnings data 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%. As a group, equities analysts anticipate that Bytes Technology Group plc will post 11.3463262 EPS for the current year.

Insiders Place Their Bets

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

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.

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