Shore Capital Downgrades Bytes Technology Group (LON:BYIT) to Hold

Shore Capital cut shares of Bytes Technology Group (LON:BYIT - Free Report) to a hold rating in a research report released on Wednesday,London Stock Exchange reports.

Separately, Berenberg Bank upped their price target on Bytes Technology Group from GBX 640 ($8.74) to GBX 660 ($9.01) and gave the stock a "buy" rating in a research report on Tuesday, March 18th.

Bytes Technology Group Stock Down 32.8%

Shares of BYIT traded down GBX 166.90 ($2.28) on Wednesday, hitting GBX 341.60 ($4.66). The company's stock had a trading volume of 10,191,200 shares, compared to its average volume of 1,100,981. Bytes Technology Group has a fifty-two week low of GBX 341.60 ($4.66) and a fifty-two week high of GBX 563 ($7.69). The company has a quick ratio of 0.98, a current ratio of 1.09 and a debt-to-equity ratio of 0.67. The firm's fifty day moving average price is GBX 513.17 and its 200-day moving average price is GBX 470.55. The firm has a market capitalization of £826.85 million, a price-to-earnings ratio of 15.88, a P/E/G ratio of 2.27 and a beta of 0.65.

Bytes Technology Group (LON:BYIT - Get Free Report) last released its quarterly earnings results on Tuesday, May 13th. The company reported GBX 25.07 ($0.34) earnings per share 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 expect that Bytes Technology Group will post 11.3463262 EPS for the current year.

Insider Buying and Selling

In other Bytes Technology Group news, insider Sam Mudd sold 65,264 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of GBX 500 ($6.83), for a total transaction of £326,320 ($445,609.72). Also, insider Andrew Holden sold 50,664 shares of the stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of GBX 512 ($6.99), for a total value of £259,399.68 ($354,225.97). In the last ninety days, 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.