Bytes Technology Group (LON:BYIT) Trading Down 9.2% Following Analyst Downgrade

Bytes Technology Group plc (LON:BYIT)’s share price dropped 9.2% during trading on Wednesday after Jefferies Financial Group lowered their price target on the stock from GBX 447 to GBX 380. Jefferies Financial Group currently has a buy rating on the stock. Bytes Technology Group traded as low as GBX 363.80 ($4.89) and last traded at GBX 374 ($5.03). Approximately 3,373,107 shares traded hands during mid-day trading, an increase of 148% from the average daily volume of 1,361,680 shares. The stock had previously closed at GBX 412 ($5.54).

A number of other research firms also recently weighed in on BYIT. Berenberg Bank downgraded Bytes Technology Group to a “hold” rating and lowered their price target for the company from GBX 660 to GBX 390 in a research report on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft lowered their price target on Bytes Technology Group from GBX 575 to GBX 470 and set a “hold” rating on the stock in a research report on Wednesday, July 2nd. Peel Hunt restated a “buy” rating and set a GBX 638 price target on shares of Bytes Technology Group in a research report on Thursday, September 18th. Finally, Shore Capital restated a “hold” rating and set a GBX 410 price target on shares of Bytes Technology Group in a research report on Tuesday. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Bytes Technology Group currently has a consensus rating of “Hold” and a consensus price target of GBX 457.60.

Insider Buying and Selling

In related news, insider Anna Vikstrom Persson acquired 13,000 shares of the firm’s stock in a transaction dated Monday, August 18th. The shares were purchased at an average price of GBX 386 per share, for a total transaction of £50,180. Also, insider Patrick De Smedt acquired 12,800 shares of the firm’s stock in a transaction dated Monday, August 18th. The stock was bought at an average price of GBX 391 per share, for a total transaction of £50,048. Insiders have bought a total of 61,347 shares of company stock worth $23,941,921 in the last ninety days. Corporate insiders own 3.18% of the company’s stock.

Bytes Technology Group Stock Down 1.0%

The company has a debt-to-equity ratio of 0.67, a current ratio of 1.09 and a quick ratio of 0.98. The company has a market capitalization of £861.08 million, a P/E ratio of 1,635.54, a PEG ratio of 2.27 and a beta of 0.65. The company has a 50 day moving average of GBX 396.94 and a 200-day moving average of GBX 438.89.

Bytes Technology Group (LON:BYIT) last posted 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, equities analysts anticipate that Bytes Technology Group plc will post 11.3463262 EPS for the current year.

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.