Bytes Technology Group (LON:BYIT) Shares Up 17.9% – Here’s What Happened

Bytes Technology Group plc (LON:BYIT) shares shot up 17.9% during trading on Tuesday . The stock traded as high as GBX 503 ($6.54) and last traded at GBX 488.40 ($6.35). 156,397,625 shares traded hands 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 ($5.39).

Analyst Upgrades and Downgrades

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

Bytes Technology Group Stock Up 17.9 %

The firm has a market capitalization of £1.18 billion, a P/E ratio of 22.70, a PEG ratio of 2.27 and a beta of 0.65. The firm’s 50-day moving average is GBX 436.45 and its 200 day moving average is GBX 454.69. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.98 and a current ratio of 1.09.

Insider Activity at Bytes Technology Group

In other Bytes Technology Group news, insider Ross Paterson purchased 2,800 shares of the business’s stock in a transaction on Monday, January 20th. The shares were purchased at an average cost of GBX 427 ($5.55) per share, with a total value of £11,956 ($15,543.42). 9.51% of the stock is currently owned by insiders.

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.