Bytes Technology Group (LON:BYIT) Shares Down 32.8% After Analyst Downgrade

Bytes Technology Group plc (LON:BYIT - Get Free Report) shares fell 32.8% during mid-day 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 341.60 ($4.66) and last traded at GBX 341.60 ($4.66). 10,191,200 shares traded hands during trading, an increase of 826% from the average session volume of 1,100,981 shares. The stock had previously closed at GBX 508.50 ($6.94).

BYIT has been the topic of several other research reports. Shore Capital lowered Bytes Technology Group to a "hold" rating in a research note on Wednesday. Berenberg Bank lowered Bytes Technology Group to a "hold" rating and decreased their target price for the stock from GBX 660 ($9.01) to GBX 390 ($5.32) in a research note on Wednesday.

Insider Transactions at Bytes Technology Group

In other Bytes Technology Group news, insider Andrew Holden sold 50,664 shares of the stock in a transaction dated Friday, June 20th. The stock was sold at an average price of GBX 512 ($6.99), for a total value of £259,399.68 ($354,032.59). Also, insider Sam Mudd sold 65,264 shares of the stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of GBX 500 ($6.82), for a total value of £326,320 ($445,366.45). Insiders sold a total of 136,476 shares of company stock worth $68,845,968 in the last ninety days. 9.51% of the stock is owned by corporate insiders.

Bytes Technology Group Stock Up 1.5%

The company has a market cap of £859.76 million, a price-to-earnings ratio of 16.51, 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. The business has a 50-day simple moving average of GBX 507.53 and a 200-day simple moving average of GBX 469.31.

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

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.