Bytes Technology Group (LON:BYIT) Shares Down 5.9% - Here's What Happened

Bytes Technology Group plc (LON:BYIT - Get Free Report) shares dropped 5.9% on Friday . The stock traded as low as GBX 334.60 ($4.51) and last traded at GBX 334.60 ($4.51). Approximately 1,985,199 shares were traded during trading, an increase of 73% from the average daily volume of 1,146,508 shares. The stock had previously closed at GBX 355.40 ($4.79).

Wall Street Analysts Forecast Growth

BYIT has been the subject of several recent research reports. Shore Capital downgraded shares of Bytes Technology Group to a "hold" rating in a research note on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Bytes Technology Group from GBX 575 ($7.75) to GBX 470 ($6.34) and set a "hold" rating for the company in a research note on Wednesday, July 2nd. Finally, Berenberg Bank downgraded shares of Bytes Technology Group to a "hold" rating and decreased their target price for the stock from GBX 660 ($8.90) to GBX 390 ($5.26) in a research note on Wednesday, July 2nd.

Bytes Technology Group Stock Down 3.6%

The stock has a market capitalization of £776.50 million, a PE ratio of 14.91, a PEG ratio of 2.27 and a beta of 0.65. The firm's fifty day moving average is GBX 491.35 and its 200-day moving average is GBX 467.26. The company has a quick ratio of 0.98, a current ratio of 1.09 and a debt-to-equity ratio of 0.67.

Bytes Technology Group (LON:BYIT - Get Free Report) last posted 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 net margin of 25.47% and a return on equity of 66.59%. On average, equities research analysts predict that Bytes Technology Group plc will post 11.3463262 earnings per share for the current year.

Insider Activity

In other Bytes Technology Group news, insider Andrew Holden sold 50,664 shares of the stock in a transaction dated Friday, June 20th. The shares were sold at an average price of GBX 512 ($6.90), for a total value of £259,399.68 ($349,830.99). 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 ($6.74), for a total transaction of £326,320 ($440,080.92). Insiders have sold 136,476 shares of company stock valued at $68,845,968 over the last three months. 9.51% of the stock is currently owned by corporate 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.