Bytes Technology Group (LON:BYIT) Trading 20.3% Higher Following Analyst Upgrade

Bytes Technology Group plc (LON:BYIT)’s share price was up 20.3% 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 498.80 ($6.49) and last traded at GBX 498.60 ($6.49). Approximately 7,128,283 shares changed hands during mid-day trading, an increase of 397% from the average daily volume of 1,435,524 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.

Insiders Place Their Bets

In related news, insider Ross Paterson purchased 2,800 shares of Bytes Technology Group stock in a transaction on Monday, January 20th. The stock was purchased at an average cost of GBX 427 ($5.55) per share, with a total value of £11,956 ($15,553.53). Company insiders own 9.51% of the company’s stock.

Bytes Technology Group Price Performance

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 stock’s 50-day moving average price is GBX 437.91 and its 200 day moving average price is GBX 454.81. The firm has a market cap of £1.18 billion, a price-to-earnings ratio of 22.74, a price-to-earnings-growth 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.