Bytes Technology Group (LON:BYIT) Shares Down 3.8% – Here’s What Happened

Shares of Bytes Technology Group plc (LON:BYIT) fell 3.8% on Wednesday . The company traded as low as GBX 367.20 and last traded at GBX 367.20. 999,652 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 2,920,826 shares. The stock had previously closed at GBX 381.60.

Analyst Ratings Changes

A number of brokerages recently weighed in on BYIT. Berenberg Bank dropped their price objective on shares of Bytes Technology Group from GBX 390 to GBX 360 and set a “hold” rating for the company in a report on Wednesday, May 13th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a GBX 390 price target on shares of Bytes Technology Group in a report on Wednesday, May 13th. Jefferies Financial Group reiterated a “hold” rating and set a GBX 320 price target on shares of Bytes Technology Group in a report on Tuesday, May 12th. UBS Group reiterated a “neutral” rating and set a GBX 305 price target on shares of Bytes Technology Group in a report on Monday, May 11th. Finally, Shore Capital Group reiterated a “hold” rating on shares of Bytes Technology Group in a report on Wednesday, March 25th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Bytes Technology Group has a consensus rating of “Hold” and a consensus price target of GBX 403.83.

Bytes Technology Group Stock Performance

The stock has a market cap of £886.39 million, a PE ratio of 18.08, a PEG ratio of 2.27 and a beta of 0.68. The company has a debt-to-equity ratio of 2.44, a current ratio of 1.05 and a quick ratio of 0.98. The firm has a 50 day moving average of GBX 318.73 and a two-hundred day moving average of GBX 326.23.

Bytes Technology Group (LON:BYIT) last released its quarterly earnings data on Tuesday, May 12th. The company reported GBX 21.40 earnings per share for the quarter. Bytes Technology Group had a net margin of 23.25% and a return on equity of 64.69%. The company had revenue of £220.56 million for the quarter. Research analysts predict that Bytes Technology Group plc will post 11.3463262 EPS for the current fiscal year.

Bytes Technology Group Company Profile

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.