Bytes Technology Group (LON:BYIT) Trading Up 17.2% – Should You Buy?

Bytes Technology Group plc (LON:BYIT) shares shot up 17.2% on Tuesday . The company traded as high as GBX 487.60 ($6.33) and last traded at GBX 485.80 ($6.31). 6,718,149 shares were traded during mid-day trading, an increase of 370% from the average session volume of 1,427,929 shares. The stock had previously closed at GBX 414.40 ($5.38).

Wall Street Analyst Weigh In

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

Bytes Technology Group Trading Up 18.5 %

The firm has a market cap of £1.19 billion, a price-to-earnings ratio of 22.82, a PEG ratio of 2.27 and a beta of 0.65. 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 business has a fifty day moving average of GBX 435.31 and a two-hundred day moving average of GBX 454.59.

Insider Buying and Selling

In related news, insider Ross Paterson bought 2,800 shares of the stock in a transaction on Monday, January 20th. The shares were purchased at an average price of GBX 427 ($5.55) per share, for a total transaction of £11,956 ($15,529.29). Insiders own 9.51% of the company’s stock.

About Bytes Technology Group

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.