Bytes Technology Group (LON:BYIT) Stock Price Down 5.9% - What's Next?

Bytes Technology Group plc (LON:BYIT - Get Free Report) shares dropped 5.9% on Thursday . 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).

Analyst Ratings Changes

BYIT has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft reduced their price target 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 report on Wednesday, July 2nd. Berenberg Bank downgraded shares of Bytes Technology Group to a "hold" rating and cut their target price for the stock from GBX 660 ($8.90) to GBX 390 ($5.26) in a research report on Wednesday, July 2nd. Finally, Shore Capital downgraded shares of Bytes Technology Group to a "hold" rating in a research report on Wednesday, July 2nd.

Bytes Technology Group Stock Performance

The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.98 and a current ratio of 1.09. The firm has a market cap of £805.28 million, a P/E ratio of 15.46, a P/E/G ratio of 2.27 and a beta of 0.65. The business's 50-day simple moving average is GBX 491.35 and its 200 day simple moving average is GBX 467.26.

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%. As a group, equities analysts predict that Bytes Technology Group plc will post 11.3463262 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Sam Mudd sold 65,264 shares of the business's stock in a transaction on 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). Also, insider Andrew Holden sold 50,664 shares of the business's stock in a transaction on Friday, June 20th. The shares were sold at an average price of GBX 512 ($6.90), for a total transaction of £259,399.68 ($349,830.99). In the last three months, insiders have sold 136,476 shares of company stock valued at $68,845,968. Insiders own 9.51% of the company's stock.

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.