Bytes Technology Group (LON:BYIT) Trading Down 9.2% - What's Next?

Key Points

• Bytes Technology Group's share price has dropped by 9.2%, closing at GBX 374 ($4.98), following a significant trading volume increase of 148% compared to its average.
• Latest analyst ratings show a consensus of "Hold" on the stock, with target prices ranging from GBX 390 to GBX 638, indicating varied outlooks on the company's future performance.
• Insider purchases, including 13,000 and 12,800 shares by Anna Vikstrom Persson and Patrick De Smedt respectively, suggest confidence from internal stakeholders despite the stock's recent decline.

Bytes Technology Group plc (LON:BYIT - Get Free Report)'s share price fell 9.2% on Wednesday . The company traded as low as GBX 363.80 ($4.85) and last traded at GBX 374 ($4.98). 3,373,107 shares were traded during 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

BYIT has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft lowered their price objective on Bytes Technology Group from GBX 575 to GBX 470 and set a "hold" rating for the company in a research report on Wednesday, July 2nd. Shore Capital restated a "hold" rating and issued a GBX 410 price target on shares of Bytes Technology Group in a report on Tuesday. Peel Hunt reaffirmed a "buy" rating and set a GBX 638 price objective on shares of Bytes Technology Group in a research note on Thursday, September 18th. Finally, Berenberg Bank lowered shares of Bytes Technology Group to a "hold" rating and cut their price objective for the stock from GBX 660 to GBX 390 in a report on Wednesday, July 2nd. 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, the company currently has a consensus rating of "Hold" and an average target price of GBX 477.

Bytes Technology Group Price Performance

The company has a 50 day simple moving average of GBX 396.99 and a 200 day simple moving average of GBX 440.25. The company has a market capitalization of £895.61 million, a price-to-earnings ratio of 1,701.14, a price-to-earnings-growth 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 issued its earnings results on Tuesday, October 14th. The company reported GBX 12.03 earnings per share (EPS) for the quarter. Bytes Technology Group had a return on equity of 66.59% and a net margin of 25.47%. As a group, research analysts predict that Bytes Technology Group plc will post 11.3463262 EPS for the current year.

Insider Buying and Selling at Bytes Technology Group

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

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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