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

Bytes Technology Group plc (LON:BYIT)’s stock price traded 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 mid-day 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 reaffirmed a “buy” rating on shares of Bytes Technology Group in a research note on Tuesday.

Insider Buying and Selling

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

Bytes Technology Group Price 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 stock 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 market cap of £1.19 billion, a PE ratio of 22.77, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65.

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.