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 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). Approximately 156,397,625 shares changed hands 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 reissued a “buy” rating on shares of Bytes Technology Group in a research report on Tuesday.

Insiders Place Their Bets

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 purchased 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 company has a current ratio of 1.09, a quick ratio of 0.98 and a debt-to-equity ratio of 0.67. The business has a 50-day moving average price of GBX 439.24 and a 200 day moving average price of GBX 454.88. The stock has a market cap of £1.17 billion, a PE ratio of 22.54, a PEG 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.