Bytes Technology Group (LON:BYIT) Trading 17.9% Higher Following Analyst Upgrade

Shares of Bytes Technology Group plc (LON:BYIT) were 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 ($6.52) and last traded at GBX 488.40 ($6.33). Approximately 156,397,625 shares traded hands during mid-day 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 ($5.37).

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

Insiders Place Their Bets

In other news, insider Ross Paterson acquired 2,800 shares of the business’s stock in a transaction dated Monday, January 20th. The stock was purchased at an average price of GBX 427 ($5.54) per share, for a total transaction of £11,956 ($15,503.11). 9.51% of the stock is currently owned by company insiders.

Bytes Technology Group Trading Down 0.1 %

The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.98 and a current ratio of 1.09. The stock’s fifty day moving average is GBX 437.91 and its 200 day moving average is GBX 454.81. The stock has a market cap of £1.19 billion, a P/E ratio of 22.77, a P/E/G 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.