Bytes Technology Group (LON:BYIT) Trading Down 32.8% - Time to Sell?

Bytes Technology Group plc (LON:BYIT - Get Free Report)'s share price dropped 32.8% during trading on Thursday . The stock traded as low as GBX 341.60 ($4.66) and last traded at GBX 341.60 ($4.66). Approximately 10,191,200 shares were traded during trading, an increase of 826% from the average daily volume of 1,100,981 shares. The stock had previously closed at GBX 508.50 ($6.94).

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft decreased their price objective on 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. Shore Capital cut shares of Bytes Technology Group to a "hold" rating in a research note on Wednesday. Finally, Berenberg Bank lowered shares of Bytes Technology Group to a "hold" rating and reduced their target price for the company from GBX 660 ($9.01) to GBX 390 ($5.32) in a report on Wednesday.

Bytes Technology Group Stock Performance

The company has a market cap of £846.69 million, a P/E ratio of 16.26, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The business has a 50 day moving average price of GBX 513.17 and a two-hundred day moving average price of GBX 470.55. 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 announced its quarterly earnings data 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%. On average, sell-side analysts anticipate that Bytes Technology Group plc will post 11.3463262 earnings per share for the current year.

Insider Buying and Selling at Bytes Technology Group

In other Bytes Technology Group news, insider Andrew Holden sold 50,664 shares of the stock in a transaction on 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 business's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of GBX 500 ($6.83), for a total transaction of £326,320 ($445,488.05). Over the last ninety days, insiders sold 136,476 shares of company stock worth $68,845,968. 9.51% of the stock is owned by 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.