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

Bytes Technology Group plc (LON:BYIT) shot up 17.9% during 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). 156,397,625 shares were traded 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 ($5.37).

Separately, Shore Capital reissued a “buy” rating on shares of Bytes Technology Group in a 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 stock was acquired at an average price of GBX 427 ($5.54) per share, with a total value of £11,956 ($15,503.11). Insiders own 9.51% of the company’s stock.

Bytes Technology Group Price Performance

The stock has a market capitalization of £1.19 billion, a PE ratio of 22.77, a P/E/G ratio of 2.27 and a beta of 0.65. 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 company’s fifty day simple moving average is GBX 437.91 and its two-hundred day simple moving average is 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.