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

Shares of Bytes Technology Group plc (LON:BYIT - Get Free Report) dropped 32.8% on Thursday 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). Approximately 10,191,200 shares changed hands 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).

A number of other analysts have also commented on the company. Berenberg Bank lowered Bytes Technology Group to a "hold" rating and reduced their target price for the stock from GBX 660 ($9.01) to GBX 390 ($5.33) in a report on Wednesday. Shore Capital lowered Bytes Technology Group to a "hold" rating in a report on Wednesday.

Insiders Place Their Bets

In other Bytes Technology Group news, insider Andrew Holden sold 50,664 shares of Bytes Technology Group stock in a transaction 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 ($354,225.97). Also, insider Sam Mudd sold 65,264 shares of Bytes Technology Group stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of GBX 500 ($6.83), for a total value of £326,320 ($445,609.72). In the last three months, insiders sold 136,476 shares of company stock valued at $68,845,968. Corporate insiders own 9.51% of the company's stock.

Bytes Technology Group Trading Up 1.5%

The stock has a market capitalization of £859.76 million, a PE ratio of 16.51, a P/E/G 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. The stock has a 50 day moving average price of GBX 507.53 and a 200-day moving average price of GBX 469.86.

Bytes Technology Group (LON:BYIT - Get Free Report) last released its quarterly earnings results on Tuesday, May 13th. The company reported GBX 25.07 ($0.34) 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%. Sell-side analysts expect that Bytes Technology Group plc will post 11.3463262 earnings per share for the current 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.