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

Bytes Technology Group plc (LON:BYIT) shares traded up 17.9% during 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 mid-day 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 report on Tuesday.

Insider Buying and Selling at Bytes Technology Group

In related news, insider Ross Paterson acquired 2,800 shares of the stock in a transaction dated 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 ($15,553.53). Insiders own 9.51% of the company’s stock.

Bytes Technology Group Stock Performance

The company’s 50-day moving average price is GBX 437.91 and its two-hundred day moving average price is GBX 454.81. 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 stock has a market cap of £1.19 billion, a PE ratio of 22.77, a PEG 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.