Bytes Technology Group (LON:BYIT) Trading 14.4% Higher on Analyst Upgrade

Bytes Technology Group plc (LON:BYIT) shares were up 14.4% 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 487.60 ($6.34) and last traded at GBX 474 ($6.17). Approximately 6,013,226 shares traded hands during trading, an increase of 325% from the average daily volume of 1,414,875 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 report on Tuesday.

Insider Buying and Selling at Bytes Technology Group

In other Bytes Technology Group news, insider Ross Paterson purchased 2,800 shares of the firm’s stock in a transaction on Monday, January 20th. The shares were acquired at an average cost of GBX 427 ($5.55) per share, for a total transaction of £11,956 ($15,553.53). Corporate insiders own 9.51% of the company’s stock.

Bytes Technology Group Stock Performance

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 firm has a market cap of £1.18 billion, a PE ratio of 22.74, a PEG ratio of 2.27 and a beta of 0.65. The business has a 50-day simple moving average of GBX 437.91 and a 200 day simple moving average of GBX 454.81.

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.