Bytes Technology Group (LON:BYIT) Shares Down 9.2% on Analyst Downgrade

Bytes Technology Group plc (LON:BYIT)’s share price traded down 9.2% 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). 3,373,107 shares traded hands during trading, an increase of 148% from the average session volume of 1,361,680 shares. The stock had previously closed at GBX 412 ($5.54).

Several other research analysts also recently commented on the stock. Berenberg Bank downgraded shares of Bytes Technology Group to a “hold” rating and cut their price objective for the stock from GBX 660 to GBX 390 in a report on Wednesday, July 2nd. Peel Hunt reaffirmed a “buy” rating and issued a GBX 638 price objective on shares of Bytes Technology Group in a report on Thursday, September 18th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Bytes Technology Group from GBX 575 to GBX 470 and set a “hold” rating for the company in a report on Wednesday, July 2nd. Finally, Shore Capital reaffirmed a “hold” rating and issued a GBX 410 price objective on shares of Bytes Technology Group in a report on Tuesday. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of GBX 457.60.

Insider Activity

In other news, insider Ross Paterson bought 10,122 shares of the stock in a transaction on Monday, August 18th. The shares were acquired at an average cost of GBX 393 per share, for a total transaction of £39,779.46. Also, insider Patrick De Smedt bought 12,800 shares of the stock in a transaction on Monday, August 18th. The stock was purchased at an average price of GBX 391 per share, for a total transaction of £50,048. Over the last 90 days, insiders have acquired 61,347 shares of company stock valued at $23,941,921. 3.18% of the stock is owned by company insiders.

Bytes Technology Group Stock Performance

The firm has a market cap of £857.24 million, a PE ratio of 1,628.25, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The company has a 50 day simple moving average of GBX 396.94 and a 200-day simple moving average of GBX 438.89. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.09 and a quick ratio of 0.98.

Bytes Technology Group (LON:BYIT) last issued its earnings results on Tuesday, October 14th. The company reported GBX 12.03 EPS for the quarter. Bytes Technology Group had a net margin of 25.47% and a return on equity of 66.59%. As a group, equities research 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.