Bytes Technology Group (LON:BYIT) Trading Up 17.9% After Analyst Upgrade

Bytes Technology Group plc (LON:BYIT)’s share price was up 17.9% during mid-day trading on Tuesday after Berenberg Bank raised their price target on the stock from GBX 640 to GBX 660. Berenberg Bank currently has a buy rating on the stock. Bytes Technology Group traded as high as GBX 503 ($6.54) and last traded at GBX 488.40 ($6.35). Approximately 156,397,625 shares traded hands during trading, an increase of 3,624% from the average daily volume of 4,199,771 shares. The stock had previously closed at GBX 414.40 ($5.39).

Separately, Shore Capital reiterated a “buy” rating on shares of Bytes Technology Group in a research report on Tuesday.

Insider Activity

In other Bytes Technology Group news, insider Ross Paterson bought 2,800 shares of the firm’s stock in a transaction on Monday, January 20th. The stock was acquired at an average price of GBX 427 ($5.55) per share, with a total value of £11,956 ($15,553.53). 9.51% of the stock is currently owned by company insiders.

Bytes Technology Group Stock Down 0.1 %

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 stock has a 50 day simple moving average of GBX 437.91 and a 200-day simple moving average of GBX 454.81. The firm has a market cap of £1.19 billion, a PE ratio of 22.77, a PEG ratio of 2.27 and a beta of 0.65.

Bytes Technology Group Company Profile

With a 40-year track record, Bytes Technology Group is one of the UK’s leading providers of software, security and cloud services. We enable effective and cost-efficient technology sourcing, adoption and management across software, security, hardware 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.