Bytes Technology Group (LON:BYIT) Shares Down 28.5% – What’s Next?

by · The Cerbat Gem

Bytes Technology Group plc (LON:BYIT – Get Free Report) shares were down 28.5% during mid-day trading on Wednesday . The company traded as low as GBX 362.80 ($4.99) and last traded at GBX 363.35 ($4.99). Approximately 43,507,820 shares were traded during trading, an increase of 3,086% from the average daily volume of 1,365,399 shares. The stock had previously closed at GBX 508.50 ($6.99).

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on BYIT. Berenberg Bank lifted their price objective on shares of Bytes Technology Group from GBX 640 ($8.79) to GBX 660 ($9.07) and gave the company a “buy” rating in a report on Tuesday, March 18th. Shore Capital reiterated a “buy” rating on shares of Bytes Technology Group in a research note on Wednesday, May 7th.

Check Out Our Latest Report on Bytes Technology Group

Bytes Technology Group Stock Performance

The stock has a market capitalization of £879.49 million, a price-to-earnings ratio of 16.89, a PEG ratio of 2.27 and a beta of 0.65. The company’s 50-day simple moving average is GBX 516.09 and its 200-day simple moving average is GBX 471.44. The company has a current ratio of 1.09, a quick ratio of 0.98 and a debt-to-equity ratio of 0.67.

Bytes Technology Group (LON:BYIT – Get Free Report) last released its 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 net margin of 25.47% and a return on equity of 66.59%. On average, analysts expect that Bytes Technology Group plc will post 11.3463262 EPS for the current year.

Insider Transactions at Bytes Technology Group

In related news, insider Andrew Holden sold 50,664 shares of the stock in a transaction on Friday, June 20th. The stock was sold at an average price of GBX 512 ($7.04), for a total value of £259,399.68 ($356,465.14). Also, insider Sam Mudd sold 65,264 shares of the company’s stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of GBX 500 ($6.87), for a total transaction of £326,320 ($448,426.55). Insiders sold a total of 136,476 shares of company stock valued at $68,845,968 over the last ninety days. 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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