Bytes Technology Group (LON:BYIT) Shares Down 31.6% - Here's What Happened

Shares of Bytes Technology Group plc (LON:BYIT - Get Free Report) were down 31.6% on Wednesday . The stock traded as low as GBX 347.20 ($4.74) and last traded at GBX 347.80 ($4.75). Approximately 47,416,879 shares changed hands during trading, an increase of 3,296% from the average daily volume of 1,396,423 shares. The stock had previously closed at GBX 508.50 ($6.94).

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BYIT. Shore Capital lowered Bytes Technology Group to a "hold" rating in a research report on Wednesday. Berenberg Bank cut shares of Bytes Technology Group to a "hold" rating and reduced their price objective for the stock from GBX 660 ($9.01) to GBX 390 ($5.32) in a research report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Bytes Technology Group from GBX 575 ($7.85) to GBX 470 ($6.42) and set a "hold" rating on the stock in a report on Wednesday.

Bytes Technology Group Trading Up 2.4%

The company has a 50 day simple moving average of GBX 513.17 and a 200 day simple moving average of GBX 470.55. The company has a market capitalization of £846.69 million, a PE ratio of 16.26, 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.

Bytes Technology Group (LON:BYIT - Get Free Report) last issued its quarterly earnings results on Tuesday, May 13th. The company reported GBX 25.07 ($0.34) earnings per share (EPS) for the quarter. Bytes Technology Group had a return on equity of 66.59% and a net margin of 25.47%. Analysts anticipate that Bytes Technology Group plc will post 11.3463262 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Andrew Holden sold 50,664 shares of the company's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of GBX 512 ($6.99), for a total value of £259,399.68 ($354,129.26). Also, insider Sam Mudd sold 65,264 shares of the stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of GBX 500 ($6.83), for a total value of £326,320 ($445,488.05). Insiders sold a total of 136,476 shares of company stock worth $68,845,968 over the last three months. Corporate insiders own 9.51% 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.