Bytes Technology Group (LON:BYIT) Trading Up 17.2% – Should You Buy?

Shares of Bytes Technology Group plc (LON:BYIT) traded up 17.2% during mid-day trading on Tuesday . The stock traded as high as GBX 487.60 ($6.33) and last traded at GBX 485.80 ($6.31). 6,718,149 shares changed hands during trading, an increase of 370% from the average session volume of 1,427,929 shares. The stock had previously closed at GBX 414.40 ($5.38).

Analysts Set New Price Targets

Separately, Shore Capital restated a “buy” rating on shares of Bytes Technology Group in a report on Friday, January 31st.

Bytes Technology Group Stock Up 18.5 %

The firm has a fifty day moving average price of GBX 435.31 and a 200-day moving average price of GBX 454.59. 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 firm has a market cap of £1.19 billion, a price-to-earnings ratio of 22.82, a PEG ratio of 2.27 and a beta of 0.65.

Insider Transactions at Bytes Technology Group

In other news, insider Ross Paterson bought 2,800 shares of the business’s stock in a transaction that occurred on Monday, January 20th. The shares were acquired at an average cost of GBX 427 ($5.55) per share, with a total value of £11,956 ($15,529.29). Insiders own 9.51% of the company’s stock.

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.