Bytes Technology Group (LON:BYIT) Trading Down 10.9% - Time to Sell?

Key Points

• Bytes Technology Group shares fell by 10.9% during trading, reaching a low of GBX 366.97, significantly increasing trading volume by 144% compared to average levels.
• Brokerage analysts have downgraded the stock, with Berenberg Bank lowering its price target from GBX 660 to GBX 390, while the consensus rating stands at "Hold" with a target of GBX 477.
• Insiders have shown confidence in the company by purchasing a total of 61,347 shares within the last ninety days, indicating a total investment of around £99,411.75.

Bytes Technology Group plc (LON:BYIT - Get Free Report)'s share price fell 10.9% during trading on Tuesday . The company traded as low as GBX 366.97 ($4.89) and last traded at GBX 367.20 ($4.90). 3,320,110 shares were traded during mid-day trading, an increase of 144% from the average session volume of 1,361,414 shares. The stock had previously closed at GBX 412 ($5.49).

Analyst Upgrades and Downgrades

A number of brokerages have commented on BYIT. Berenberg Bank cut 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. Deutsche Bank Aktiengesellschaft decreased their price target on Bytes Technology Group from GBX 575 to GBX 470 and set a "hold" rating on the stock in a research note on Wednesday, July 2nd. Shore Capital reaffirmed a "hold" rating and issued a GBX 410 price target on shares of Bytes Technology Group in a research note on Monday, October 6th. Finally, Peel Hunt reaffirmed a "buy" rating and issued a GBX 638 price target on shares of Bytes Technology Group in a research note on Thursday, September 18th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of GBX 477.

Bytes Technology Group Trading Down 10.3%

The stock has a market capitalization of £886.50 million, a P/E ratio of 1,683.83, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The stock has a 50-day moving average price of GBX 396.78 and a two-hundred day moving average price of GBX 440.71. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.98 and a current ratio of 1.09.

Bytes Technology Group (LON:BYIT - Get Free Report) last released its quarterly 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, research analysts forecast that Bytes Technology Group plc will post 11.3463262 EPS for the current fiscal year.

Insider Transactions at Bytes Technology Group

In other news, insider Sam Mudd acquired 25,425 shares of Bytes Technology Group stock in a transaction on 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 Patrick De Smedt acquired 12,800 shares of the 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. Insiders purchased a total of 61,347 shares of company stock valued at $23,941,921 in the last ninety days. Corporate 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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