Bytes Technology Group (LON:BYIT) Trading Up 1.1% - What's Next?

Key Points

• Bytes Technology Group's stock price increased by 1.1% to GBX 427.20 ($5.78) amid a decrease in trading volume.
• Analysts have recently downgraded the stock to a "hold" rating, with price targets ranging from GBX 390 to GBX 470.
• Insider transactions indicate mixed sentiment, with one insider purchasing 25,425 shares while another sold 50,664 shares in recent months.

Bytes Technology Group plc (LON:BYIT - Get Free Report)'s share price traded up 1.1% on Tuesday . The company traded as high as GBX 430.20 ($5.83) and last traded at GBX 427.20 ($5.79). 802,703 shares were traded during trading, a decline of 43% from the average session volume of 1,413,180 shares. The stock had previously closed at GBX 422.40 ($5.73).

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Shore Capital lowered Bytes Technology Group to a "hold" rating in a research report on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft cut their price objective on Bytes Technology Group from GBX 575 to GBX 470 and set a "hold" rating for the company in a research report on Wednesday, July 2nd. Finally, Berenberg Bank lowered Bytes Technology Group to a "hold" rating and cut their price objective for the company from GBX 660 to GBX 390 in a research report on Wednesday, July 2nd. Three analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of GBX 430.

Bytes Technology Group Trading Down 0.1%

The company has a market cap of £1.01 billion, a PE ratio of 1,895.22, 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 current ratio of 1.09 and a quick ratio of 0.98. The company has a 50-day moving average of GBX 373.81 and a 200 day moving average of GBX 447.59.

Insider Buying and Selling

In related news, insider Sam Mudd sold 65,264 shares of Bytes Technology Group stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of GBX 500, for a total value of £326,320. Also, insider Patrick De Smedt purchased 12,800 shares of the company's stock in a transaction that occurred on Monday, August 18th. The stock was bought at an average price of GBX 391 per share, with a total value of £50,048. In the last quarter, insiders have bought 61,347 shares of company stock valued at $23,941,921 and have sold 136,476 shares valued at $68,845,968. Insiders own 3.16% 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.