Bytes Technology Group (LON:BYIT) Trading Up 14.4% After Analyst Upgrade

Bytes Technology Group plc (LON:BYIT) shares rose 14.4% 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 487.60 ($6.34) and last traded at GBX 474 ($6.17). Approximately 6,013,226 shares were traded during mid-day trading, an increase of 325% from the average daily volume of 1,414,875 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 note on Tuesday.

Insider Buying and Selling

In other news, insider Ross Paterson bought 2,800 shares of Bytes Technology Group stock in a transaction that occurred on Monday, January 20th. The stock was bought at an average price 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 company insiders.

Bytes Technology Group Stock Performance

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 stock has a market capitalization of £1.18 billion, a PE ratio of 22.74, a PEG ratio of 2.27 and a beta of 0.65. The firm has a 50 day moving average price of GBX 437.91 and a 200-day moving average price of GBX 454.81.

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.