Bytes Technology Group (LON:BYIT) Trading Down 32.8% – Here’s What Happened

Bytes Technology Group plc (LON:BYIT) was down 32.8% on Thursday . The company traded as low as GBX 341.60 ($4.66) and last traded at GBX 341.60 ($4.66). Approximately 10,191,200 shares changed hands during mid-day trading, an increase of 826% from the average daily volume of 1,100,981 shares. The stock had previously closed at GBX 508.50 ($6.94).

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Berenberg Bank increased their target price on Bytes Technology Group from GBX 640 ($8.74) to GBX 660 ($9.01) and gave the stock a “buy” rating in a research note on Tuesday, March 18th. Shore Capital lowered shares of Bytes Technology Group to a “hold” rating in a research note on Wednesday.

Bytes Technology Group Stock Performance

The company has a current ratio of 1.09, a quick ratio of 0.98 and a debt-to-equity ratio of 0.67. The company has a market capitalization of £851.53 million, a price-to-earnings ratio of 16.35, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The stock’s fifty day simple moving average is GBX 513.17 and its 200-day simple moving average is GBX 470.55.

Bytes Technology Group (LON:BYIT) last announced its quarterly earnings data on Tuesday, May 13th. The company reported GBX 25.07 ($0.34) 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%. Analysts predict that Bytes Technology Group plc will post 11.3463262 EPS for the current year.

Insider Transactions at Bytes Technology Group

In related news, insider Sam Mudd sold 65,264 shares of the firm’s stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of GBX 500 ($6.83), for a total value of £326,320 ($445,609.72). Also, insider Andrew Holden sold 50,664 shares of Bytes Technology Group stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of GBX 512 ($6.99), for a total transaction of £259,399.68 ($354,225.97). Insiders sold a total of 136,476 shares of company stock worth $68,845,968 in the last ninety days. 9.51% of the stock is owned by corporate insiders.

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.