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

Shares of Bytes Technology Group plc (LON:BYIT) shot up 17.9% during trading on Wednesday 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 reaffirmed a “buy” rating on shares of Bytes Technology Group in a report on Tuesday.

Insider Transactions at Bytes Technology Group

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

Bytes Technology Group Stock Performance

The stock has a 50 day simple moving average of GBX 439.24 and a 200 day simple moving average of GBX 454.88. The stock has a market cap of £1.18 billion, a P/E ratio of 22.57, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The company has a current ratio of 1.09, a quick ratio of 0.98 and a debt-to-equity ratio of 0.67.

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.