Bytes Technology Group (LON:BYIT) Shares Up 20.3% After Analyst Upgrade

Bytes Technology Group plc (LON:BYIT) shares shot up 20.3% 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 498.80 ($6.49) and last traded at GBX 498.60 ($6.49). 7,128,283 shares changed hands during mid-day trading, an increase of 397% from the average session volume of 1,435,524 shares. The stock had previously closed at GBX 414.40 ($5.39).

Separately, Shore Capital reiterated a “buy” rating on shares of Bytes Technology Group in a research note on Tuesday.

Insiders Place Their Bets

In other Bytes Technology Group news, insider Ross Paterson bought 2,800 shares of the firm’s stock in a transaction on Monday, January 20th. The stock was bought at an average cost of GBX 427 ($5.55) per share, with a total value of £11,956 ($15,553.53). Insiders own 9.51% of the company’s stock.

Bytes Technology Group Price Performance

The company has a debt-to-equity ratio of 0.67, a current ratio of 1.09 and a quick ratio of 0.98. The stock has a market capitalization of £1.18 billion, a P/E ratio of 22.74, a PEG ratio of 2.27 and a beta of 0.65. The stock’s fifty day moving average is GBX 437.91 and its 200-day moving average is 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.