Bytes Technology Group (LON:BYIT) Shares Up 17.9% – Still a Buy?

Bytes Technology Group plc (LON:BYIT)’s stock price shot up 17.9% on Tuesday . The company 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 Ratings Changes

Separately, Shore Capital reiterated a “buy” rating on shares of Bytes Technology Group in a research report on Friday, January 31st.

Bytes Technology Group Stock Up 17.9 %

The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.98 and a current ratio of 1.09. The stock has a market capitalization of £1.18 billion, a price-to-earnings ratio of 22.70, a P/E/G ratio of 2.27 and a beta of 0.65. The firm’s fifty day simple moving average is GBX 435.31 and its 200 day simple moving average is GBX 454.59.

Insiders Place Their Bets

In related news, insider Ross Paterson bought 2,800 shares of the company’s stock in a transaction on Monday, January 20th. The shares were purchased at an average cost of GBX 427 ($5.55) per share, for a total transaction of £11,956 ($15,543.42). Corporate insiders own 9.51% of the company’s stock.

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.