Bytes Technology Group (LON:BYIT) Stock Price Down 11.9% – Should You Sell?

Shares of Bytes Technology Group plc (LON:BYIT) dropped 11.9% on Tuesday . The company traded as low as GBX 251 and last traded at GBX 264. Approximately 4,429,540 shares traded hands during trading, an increase of 51% from the average daily volume of 2,934,144 shares. The stock had previously closed at GBX 299.60.

Analyst Ratings Changes

Separately, Jefferies Financial Group lowered shares of Bytes Technology Group to a “hold” rating and dropped their price objective for the stock from GBX 447 to GBX 400 in a research report on Wednesday, January 14th. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of GBX 461.60.

Bytes Technology Group Stock Performance

The stock has a 50 day simple moving average of GBX 314.26 and a 200 day simple moving average of GBX 350.98. The company has a market cap of £618.28 million, a price-to-earnings ratio of 12.24, a PEG ratio of 2.27 and a beta of 0.69. The company has a quick ratio of 0.98, a current ratio of 1.05 and a debt-to-equity ratio of 3.98.

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. This has resulted in our long track record of strong financial performance.