Bytes Technology Group (LON:BYIT) Trading Down 1.5% - Should You Sell?

Key Points

• Bytes Technology Group's stock fell by 1.5% to GBX 361.40 ($4.80) with an increase in trading volume, reaching 1,303,712 shares.
• Analysts from Shore Capital, Berenberg Bank, and Deutsche Bank downgraded their ratings on the stock to "hold" and lowered their price targets.
• Recent insider transactions saw a total of 136,476 shares sold, indicating a significant level of insider activity within the company.

Bytes Technology Group plc (LON:BYIT - Get Free Report)'s stock price fell 1.5% on Friday . The stock traded as low as GBX 352 ($4.67) and last traded at GBX 361.40 ($4.80). 1,303,712 shares were traded during trading, an increase of 14% from the average session volume of 1,148,137 shares. The stock had previously closed at GBX 367 ($4.87).

Analyst Ratings Changes

Several research firms recently weighed in on BYIT. Shore Capital cut Bytes Technology Group to a "hold" rating in a report on Wednesday, July 2nd. Berenberg Bank cut Bytes Technology Group to a "hold" rating and dropped their price target for the stock from GBX 660 ($8.76) to GBX 390 ($5.18) in a report on Wednesday, July 2nd. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on Bytes Technology Group from GBX 575 ($7.63) to GBX 470 ($6.24) and set a "hold" rating for the company in a report on Wednesday, July 2nd.

Bytes Technology Group Price Performance

The business has a 50-day simple moving average of GBX 437.79 and a 200 day simple moving average of GBX 458.58. The stock has a market cap of £874.77 million, a P/E ratio of 16.80, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The company has a current ratio of 1.09, a quick ratio of 0.98 and a debt-to-equity ratio of 0.67.

Bytes Technology Group (LON:BYIT - Get Free Report) last released its quarterly earnings results on Tuesday, May 13th. The company reported GBX 25.07 ($0.33) EPS for the quarter. Bytes Technology Group had a return on equity of 66.59% and a net margin of 25.47%. On average, analysts forecast that Bytes Technology Group plc will post 11.3463262 earnings per share for the current year.

Insider Transactions at Bytes Technology Group

In other news, insider Sam Mudd sold 65,264 shares of the business's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of GBX 500 ($6.64), for a total value of £326,320 ($433,129.81). Also, insider Andrew Holden sold 50,664 shares of the business's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of GBX 512 ($6.80), for a total value of £259,399.68 ($344,305.39). Insiders sold a total of 136,476 shares of company stock worth $68,845,968 over the last three months. 9.51% of the stock is owned by company insiders.

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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