Bytes Technology Group (LON:BYIT) Trading Up 17.9% – Time to Buy?

Bytes Technology Group plc (LON:BYIT)’s stock price was up 17.9% on Tuesday . The company traded as high as GBX 503 ($6.53) and last traded at GBX 488.40 ($6.34). Approximately 156,397,625 shares were traded 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 ($5.38).

Wall Street Analyst Weigh In

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

Bytes Technology Group Trading Up 17.9 %

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

Insider Activity at Bytes Technology Group

In related news, insider Ross Paterson bought 2,800 shares of the business’s stock in a transaction dated Monday, January 20th. The shares were purchased at an average price of GBX 427 ($5.55) per share, with a total value of £11,956 ($15,529.29). 9.51% of the stock is owned by corporate 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.