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

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

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Bytes Technology Group from GBX 575 ($7.76) to GBX 470 ($6.34) and set a "hold" rating for the company in a report on Wednesday, July 2nd. Shore Capital lowered shares of Bytes Technology Group to a "hold" rating in a report on Wednesday, July 2nd. Finally, Berenberg Bank lowered shares of Bytes Technology Group to a "hold" rating and decreased their price objective for the stock from GBX 660 ($8.90) to GBX 390 ($5.26) in a report on Wednesday, July 2nd.

Bytes Technology Group Stock Performance

The company has a market capitalization of £805.28 million, a PE ratio of 15.46, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The business's fifty day moving average is GBX 495.21 and its two-hundred day moving average is GBX 467.26. The company has a current ratio of 1.09, a quick ratio of 0.98 and a debt-to-equity ratio of 0.67.

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

Insider Buying and Selling

In other Bytes Technology Group news, insider Andrew Holden sold 50,664 shares of Bytes Technology Group stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of GBX 512 ($6.91), for a total value of £259,399.68 ($349,925.37). Also, insider Sam Mudd sold 65,264 shares of Bytes Technology Group stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of GBX 500 ($6.74), for a total transaction of £326,320 ($440,199.65). In the last ninety days, insiders sold 136,476 shares of company stock valued at $68,845,968. 9.51% of the stock is currently owned by insiders.

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.