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

Shares of Bytes Technology Group plc (LON:BYIT) traded up 17.9% during mid-day trading 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 were traded 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 restated a “buy” rating on shares of Bytes Technology Group in a research report on Tuesday.

Insider Activity

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 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 currently owned by insiders.

Bytes Technology Group Stock Down 0.1 %

The firm’s 50 day moving average price is GBX 437.91 and its 200-day moving average price is GBX 454.81. 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 cap of £1.19 billion, a P/E ratio of 22.77, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65.

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.