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

Bytes Technology Group plc (LON:BYIT)’s stock price 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 changed hands 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 restated a “buy” rating on shares of Bytes Technology Group in a report on Tuesday.

Insider Activity 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). Corporate insiders own 9.51% of the company’s stock.

Bytes Technology Group Trading Down 0.1 %

The business has a 50 day simple moving average of GBX 437.91 and a 200-day simple moving average of GBX 454.81. The stock has a market capitalization of £1.19 billion, a price-to-earnings ratio of 22.77, a PEG 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.

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.