Bytes Technology Group (LON:BYIT) Shares Up 20.3% Following Analyst Upgrade

Bytes Technology Group plc (LON:BYIT)’s share price rose 20.3% 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 498.80 ($6.49) and last traded at GBX 498.60 ($6.49). Approximately 7,128,283 shares were traded during trading, an increase of 397% from the average daily volume of 1,435,524 shares. The stock had previously closed at GBX 414.40 ($5.39).

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

Insider Buying and Selling

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

Bytes Technology Group Trading Up 0.6 %

The business’s fifty day simple moving average is GBX 437.91 and its two-hundred day simple moving average is GBX 454.81. The company has a quick ratio of 0.98, a current ratio of 1.09 and a debt-to-equity ratio of 0.67. The company has a market cap of £1.19 billion, a price-to-earnings ratio of 22.94, a PEG ratio of 2.27 and a beta of 0.65.

About Bytes Technology Group

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.