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

Bytes Technology Group plc (LON:BYIT) shares shot 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). 156,397,625 shares changed hands during trading, an increase of 3,624% from the average session 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 Buying and Selling

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

Bytes Technology Group Stock Performance

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

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.