Bytes Technology Group (LON:BYIT) Trading Down 4.1% – Here’s What Happened

by · The Cerbat Gem

Bytes Technology Group plc (LON:BYIT – Get Free Report) shares were down 4.1% during trading on Wednesday . The stock traded as low as GBX 440 ($5.76) and last traded at GBX 444.95 ($5.82). Approximately 422,010 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 1,395,798 shares. The stock had previously closed at GBX 464 ($6.07).

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Shore Capital restated a “buy” rating on shares of Bytes Technology Group in a research report on Tuesday, March 18th. Berenberg Bank increased their target price on Bytes Technology Group from GBX 640 ($8.38) to GBX 660 ($8.64) and gave the stock a “buy” rating in a report on Tuesday, March 18th.

Check Out Our Latest Stock Report on BYIT

Bytes Technology Group Stock Performance

The stock’s 50 day simple moving average is GBX 453.37 and its two-hundred day simple moving average is GBX 456.06. The company has a market capitalization of £1.15 billion, a P/E ratio of 22.09, 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.

Insider Buying and Selling

In other Bytes Technology Group news, insider Ross Paterson bought 2,800 shares of Bytes Technology Group stock in a transaction dated Monday, January 20th. The shares were bought at an average price of GBX 427 ($5.59) per share, with a total value of £11,956 ($15,649.21). 9.51% of the stock is currently owned by corporate insiders.

About Bytes Technology Group

(Get Free Report)

With a 40-year track record, Bytes Technology Group is one of the UK’s leading providers of software, security and cloud services. We enable effective and cost-efficient technology sourcing, adoption and management across software, security, hardware 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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