Bytes Technology Group (LON:BYIT) Trading Down 9.2% - Time to Sell?

Key Points

• Bytes Technology Group's stock price dropped 9.2% to GBX 374 ($4.99), with trading volume increasing by 148% compared to the average.
• Analysts have mixed views on the stock, with a consensus rating of **"Hold"** and price targets ranging from GBX 390 to GBX 638.
• Insider transactions have been notable, with connections purchasing a total of **61,347 shares** valued at approximately £150,000 over the last ninety days.

Bytes Technology Group plc (LON:BYIT - Get Free Report)'s stock price fell 9.2% on Tuesday . The company traded as low as GBX 363.80 ($4.85) and last traded at GBX 374 ($4.99). 3,373,107 shares were traded during mid-day trading, an increase of 148% from the average session volume of 1,361,680 shares. The stock had previously closed at GBX 412 ($5.49).

Wall Street Analyst Weigh In

Several equities research analysts have commented on BYIT shares. Peel Hunt reaffirmed a "buy" rating and set a GBX 638 price objective on shares of Bytes Technology Group in a report on Thursday, September 18th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Bytes Technology Group from GBX 575 to GBX 470 and set a "hold" rating on the stock in a report on Wednesday, July 2nd. Berenberg Bank downgraded shares of Bytes Technology Group to a "hold" rating and dropped their price objective for the company from GBX 660 to GBX 390 in a report on Wednesday, July 2nd. Finally, Shore Capital reaffirmed a "hold" rating and set a GBX 410 price objective on shares of Bytes Technology Group in a report on Tuesday. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, Bytes Technology Group currently has a consensus rating of "Hold" and an average price target of GBX 477.

Bytes Technology Group Price Performance

The business's 50 day moving average is GBX 396.78 and its two-hundred day moving average is GBX 440.71. The firm has a market capitalization of £897.05 million, a PE ratio of 1,703.87, a P/E/G ratio of 2.27 and a beta of 0.65. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.09 and a quick ratio of 0.98.

Bytes Technology Group (LON:BYIT - Get Free Report) last announced its earnings results on Tuesday, October 14th. The company reported GBX 12.03 earnings per share for the quarter. Bytes Technology Group had a net margin of 25.47% and a return on equity of 66.59%. As a group, research analysts anticipate that Bytes Technology Group plc will post 11.3463262 EPS for the current year.

Insider Buying and Selling at Bytes Technology Group

In other Bytes Technology Group news, insider Anna Vikstrom Persson purchased 13,000 shares of Bytes Technology Group stock in a transaction on Monday, August 18th. The shares were acquired at an average cost of GBX 386 per share, for a total transaction of £50,180. Also, insider Sam Mudd purchased 25,425 shares of Bytes Technology Group stock in a transaction on Monday, August 18th. The shares were acquired at an average price of GBX 391 per share, for a total transaction of £99,411.75. Insiders have acquired 61,347 shares of company stock valued at $23,941,921 over the last ninety days. Insiders own 3.18% 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.

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