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

Bytes Technology Group plc (LON:BYIT)’s share price was 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 ($6.54) and last traded at GBX 488.40 ($6.35). 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 ($5.39).

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

Insider Activity 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 shares were bought at an average cost of GBX 427 ($5.55) per share, for a total transaction of £11,956 ($15,553.53). Company insiders own 9.51% of the company’s stock.

Bytes Technology Group Trading Down 0.1 %

The firm has a market cap of £1.19 billion, a P/E ratio of 22.77, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The business’s 50 day moving average is GBX 437.91 and its 200-day moving average is GBX 454.81. The company has a quick ratio of 0.98, a current ratio of 1.09 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.