Bytes Technology Group plc (LON:BYIT - Get Free Report)'s share price traded down 26.7% during trading on Wednesday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from GBX 575 to GBX 470. Deutsche Bank Aktiengesellschaft currently has a hold rating on the stock. Bytes Technology Group traded as low as GBX 368.80 ($5.03) and last traded at GBX 372.59 ($5.09). 41,195,598 shares changed hands during trading, an increase of 2,958% from the average session volume of 1,347,048 shares. The stock had previously closed at GBX 508.50 ($6.94).
Several other analysts also recently weighed in on the stock. Berenberg Bank downgraded shares of Bytes Technology Group to a "hold" rating and lowered their price target for the stock from GBX 660 ($9.01) to GBX 390 ($5.32) in a research note on Wednesday. Shore Capital downgraded Bytes Technology Group to a "hold" rating in a report on Wednesday.
Get Our Latest Report on BYIT
Insider Activity at Bytes Technology Group
In other news, insider Andrew Holden sold 50,664 shares of the company's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of GBX 512 ($6.99), for a total transaction of £259,399.68 ($354,129.26). Also, insider Sam Mudd sold 65,264 shares of the stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of GBX 500 ($6.83), for a total transaction of £326,320 ($445,488.05). Insiders sold 136,476 shares of company stock worth $68,845,968 in the last 90 days. Company insiders own 9.51% of the company's stock.
Bytes Technology Group Trading Up 2.4%
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 stock's 50 day moving average is GBX 510.47 and its 200-day moving average is GBX 469.93. The company has a market capitalization of £846.69 million, a P/E ratio of 16.26, a P/E/G ratio of 2.27 and a beta of 0.65.
Bytes Technology Group (LON:BYIT - Get Free Report) last posted its earnings results on Tuesday, May 13th. The company reported GBX 25.07 ($0.34) earnings per share for the quarter. Bytes Technology Group had a return on equity of 66.59% and a net margin of 25.47%. As a group, equities research analysts anticipate that Bytes Technology Group plc will post 11.3463262 earnings per share for the current year.
About Bytes Technology Group
(
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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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