Bytes Technology Group (LON:BYIT) Stock Price Up 19.6% Following Analyst Upgrade

Bytes Technology Group plc (LON:BYIT) rose 19.6% 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 496.60 ($6.46) and last traded at GBX 495.60 ($6.45). Approximately 6,850,618 shares changed hands during trading, an increase of 379% from the average daily volume of 1,430,283 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 report on Tuesday.

Insider Activity at Bytes Technology Group

In other Bytes Technology Group news, insider Ross Paterson acquired 2,800 shares of the company’s stock in a transaction that occurred on Monday, January 20th. The shares were bought at an average price of GBX 427 ($5.55) per share, with a total value of £11,956 ($15,553.53). 9.51% of the stock is owned by company insiders.

Bytes Technology Group Stock Up 0.6 %

The company’s 50-day simple moving average is GBX 437.91 and its two-hundred day simple moving average is GBX 454.81. The firm has a market capitalization of £1.19 billion, a P/E ratio of 22.94, a P/E/G ratio of 2.27 and a beta of 0.65. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.09 and a quick ratio of 0.98.

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.