Bytes Technology Group (LON:BYIT) Trading Down 6.4% - Should You Sell?

Key Points

• Bytes Technology Group's stock fell 6.4% to GBX 385.60, after trading as low as GBX 375.20, with a notable increase in trading volume.
• Analysts have mixed sentiments, with one maintaining a "buy" rating while three issued "hold" ratings, leading to a consensus rating of "Hold" and an average target price of GBX 477.
• Insiders have recently purchased a total of 61,347 shares of the company stock, indicating confidence from internal stakeholders amidst current market fluctuations.

Bytes Technology Group plc (LON:BYIT - Get Free Report) traded down 6.4% during trading on Tuesday . The company traded as low as GBX 375.20 ($5.00) and last traded at GBX 385.60 ($5.14). 1,538,439 shares were traded during trading, an increase of 14% from the average session volume of 1,352,461 shares. The stock had previously closed at GBX 412 ($5.49).

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Peel Hunt reiterated a "buy" rating and set a GBX 638 target price on shares of Bytes Technology Group in a research note on Thursday, September 18th. Berenberg Bank cut Bytes Technology Group to a "hold" rating and lowered their price objective for the company from GBX 660 to GBX 390 in a research note on Wednesday, July 2nd. Shore Capital restated a "hold" rating and issued a GBX 410 price objective on shares of Bytes Technology Group in a research note on Monday, October 6th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on Bytes Technology Group from GBX 575 to GBX 470 and set a "hold" rating on the stock in a research note on Wednesday, July 2nd. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of GBX 477.

Bytes Technology Group Stock Performance

The company has a 50-day moving average price of GBX 396.78 and a two-hundred day moving average price of GBX 440.71. The stock has a market capitalization of £890.82 million, a P/E ratio of 1,692.03, a PEG ratio of 2.27 and a beta of 0.65. 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 announced its quarterly earnings results on Tuesday, October 14th. The company reported GBX 12.03 earnings per share for the quarter. Bytes Technology Group had a return on equity of 66.59% and a net margin of 25.47%. Equities analysts expect that Bytes Technology Group plc will post 11.3463262 earnings per share for the current year.

Insider Activity

In other news, insider Patrick De Smedt purchased 12,800 shares of the business's stock in a transaction on Monday, August 18th. The stock was purchased at an average cost of GBX 391 per share, with a total value of £50,048. Also, insider Anna Vikstrom Persson purchased 13,000 shares of the business's stock in a transaction on Monday, August 18th. The stock was purchased at an average cost of GBX 386 per share, with a total value of £50,180. Insiders bought 61,347 shares of company stock valued at $23,941,921 in the last quarter. 3.18% of the stock is currently owned by company 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.

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