Bytes Technology Group (LON:BYIT) Trading Down 5.9% - Time to Sell?

Bytes Technology Group plc (LON:BYIT - Get Free Report) shares were down 5.9% during mid-day trading on Thursday . The stock traded as low as GBX 334.60 ($4.55) and last traded at GBX 334.60 ($4.55). 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 ($4.83).

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on BYIT shares. Berenberg Bank lowered Bytes Technology Group to a "hold" rating and decreased their target price for the stock from GBX 660 ($8.97) to GBX 390 ($5.30) in a research note on Wednesday, July 2nd. Shore Capital lowered Bytes Technology Group to a "hold" rating in a research note on Wednesday, July 2nd. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on Bytes Technology Group from GBX 575 ($7.81) to GBX 470 ($6.39) and set a "hold" rating on the stock in a research note on Wednesday, July 2nd.

Bytes Technology Group Trading Down 5.9%

The firm has a market cap of £809.90 million, a PE ratio of 15.55, 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 business has a fifty day moving average price of GBX 495.21 and a 200 day moving average price of GBX 467.26.

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%. Analysts forecast that Bytes Technology Group plc will post 11.3463262 EPS for the current year.

Insider Transactions at Bytes Technology Group

In related news, insider Sam Mudd sold 65,264 shares of the firm's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of GBX 500 ($6.79), for a total transaction of £326,320 ($443,309.33). Also, insider Andrew Holden sold 50,664 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of GBX 512 ($6.96), for a total value of £259,399.68 ($352,397.34). In the last quarter, insiders sold 136,476 shares of company stock worth $68,845,968. Company insiders own 9.51% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.