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

Bytes Technology Group plc (LON:BYIT) shares were up 14.4% 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 474 ($6.17). Approximately 6,013,226 shares changed hands during 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 reaffirmed a “buy” rating on shares of Bytes Technology Group in a report on Tuesday.

Insider Activity at Bytes Technology Group

In other Bytes Technology Group news, insider Ross Paterson purchased 2,800 shares of the stock in a transaction that occurred on Monday, January 20th. The stock was purchased at an average price of GBX 427 ($5.55) per share, with a total value of £11,956 ($15,553.53). 9.51% of the stock is owned by insiders.

Bytes Technology Group Trading Up 0.2 %

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 £1.18 billion, a P/E ratio of 22.74, a P/E/G ratio of 2.27 and a beta of 0.65. The company’s 50 day simple moving average is GBX 437.91 and its 200-day simple 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.