Bytes Technology Group (LON:BYIT) Trading Up 17.9% on Analyst Upgrade

Shares of Bytes Technology Group plc (LON:BYIT) rose 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). Approximately 156,397,625 shares traded hands 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 ($5.39).

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

Insider Buying and Selling at Bytes Technology Group

In other news, insider Ross Paterson acquired 2,800 shares of the stock in a transaction that occurred on Monday, January 20th. The stock was acquired at an average price of GBX 427 ($5.55) per share, for a total transaction of £11,956 ($15,553.53). Insiders own 9.51% of the company’s stock.

Bytes Technology Group Stock Down 0.7 %

The company has a market capitalization of £1.18 billion, a P/E ratio of 22.65, a P/E/G ratio of 2.27 and a beta of 0.65. 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 fifty day simple moving average of GBX 437.91 and a 200-day simple moving average of 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.