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

Bytes Technology Group plc (LON:BYIT) traded up 17.9% 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). 156,397,625 shares traded hands during 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).

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

Insiders Place Their Bets

In related news, insider Ross Paterson purchased 2,800 shares of the business’s stock in a transaction dated 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 ($15,553.53). 9.51% of the stock is owned by insiders.

Bytes Technology Group Stock Performance

The company has a current ratio of 1.09, a quick ratio of 0.98 and a debt-to-equity ratio of 0.67. The company has a market capitalization of £1.19 billion, a PE ratio of 22.77, a PEG ratio of 2.27 and a beta of 0.65. The firm’s 50-day simple moving average is GBX 437.91 and its 200-day simple moving average is GBX 454.81.

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.