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

Shares of Bytes Technology Group plc (LON:BYIT) were up 17.9% 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 were traded 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 restated a “buy” rating on shares of Bytes Technology Group in a research note on Tuesday.

Insider Activity

In other news, insider Ross Paterson purchased 2,800 shares of the business’s stock in a transaction on Monday, January 20th. The shares were acquired at an average price of GBX 427 ($5.54) per share, with a total value of £11,956 ($15,503.11). Corporate insiders own 9.51% of the company’s stock.

Bytes Technology Group Price Performance

The business has a fifty day simple moving average of GBX 437.91 and a two-hundred day simple moving average of GBX 454.81. 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 stock has a market cap of £1.19 billion, a PE 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.