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

Shares of Bytes Technology Group plc (LON:BYIT) rose 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 ($6.54) and last traded at GBX 488.40 ($6.35). Approximately 156,397,625 shares traded hands during 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 ($5.39).

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

Insider Buying and Selling

In other Bytes Technology Group news, insider Ross Paterson bought 2,800 shares of the business’s stock in a transaction on Monday, January 20th. The stock was bought 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 currently owned by company insiders.

Bytes Technology Group Stock Performance

The company has a current ratio of 1.09, a quick ratio of 0.98 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 22.77, a P/E/G ratio of 2.27 and a beta of 0.65. The stock’s 50 day moving average price is GBX 437.91 and its 200 day moving average price is 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.