Bytes Technology Group (LON:BYIT) Stock Price Up 15.9% Following Analyst Upgrade

Shares of Bytes Technology Group plc (LON:BYIT) rose 15.9% during 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 487.60 ($6.34) and last traded at GBX 480.09 ($6.25). Approximately 6,504,354 shares were traded during mid-day trading, an increase of 357% from the average daily volume of 1,423,970 shares. The stock had previously closed at GBX 414.40 ($5.39).

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

Insider Transactions at Bytes Technology Group

In related news, insider Ross Paterson purchased 2,800 shares of the business’s stock in a transaction that occurred on Monday, January 20th. The shares were purchased at an average cost 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 Price Performance

The company’s 50 day moving average is GBX 437.91 and its 200 day moving average is GBX 454.81. The company has a current ratio of 1.09, a quick ratio of 0.98 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of £1.18 billion, a price-to-earnings ratio of 22.74, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65.

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.