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

Bytes Technology Group logo with Computer and Technology background

Bytes Technology Group plc (LON:BYIT - Get Free Report)'s share price dropped 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).

Analysts Set New Price Targets

BYIT has been the subject of a number of research reports. Berenberg Bank cut shares of Bytes Technology Group to a "hold" rating and cut their price target for the stock from GBX 660 ($8.97) to GBX 390 ($5.30) in a research note on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft cut their price objective on Bytes Technology Group from GBX 575 ($7.81) to GBX 470 ($6.39) and set a "hold" rating for the company in a report on Wednesday, July 2nd. Finally, Shore Capital downgraded Bytes Technology Group to a "hold" rating in a research report on Wednesday, July 2nd.

Check Out Our Latest Analysis on Bytes Technology Group

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 company has a market cap of £803.49 million, a PE ratio of 15.43, a PEG ratio of 2.27 and a beta of 0.65. The business's 50-day moving average is GBX 495.21 and its 200 day moving average is 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%. On average, equities research analysts predict that Bytes Technology Group plc will post 11.3463262 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Sam Mudd sold 65,264 shares of the firm's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of GBX 500 ($6.79), for a total value of £326,320 ($443,309.33). Also, insider Andrew Holden sold 50,664 shares of the company's stock in a transaction on Friday, June 20th. The shares were sold at an average price of GBX 512 ($6.96), for a total transaction of £259,399.68 ($352,397.34). 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.

Bytes Technology Group Company Profile

(Get Free Report)

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.

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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.

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