Bytes Technology Group (LON:BYIT) Stock Price Up 17.9% – Here’s Why

Bytes Technology Group plc (LON:BYIT) shares shot up 17.9% on Tuesday . The company traded as high as GBX 503 ($6.53) and last traded at GBX 488.40 ($6.34). 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 ($5.38).

Wall Street Analysts Forecast Growth

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

Bytes Technology Group Trading Up 17.9 %

The company has a market capitalization of £1.18 billion, a P/E ratio of 22.70, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The business 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.

Insider Buying and Selling at Bytes Technology Group

In other Bytes Technology Group news, insider Ross Paterson purchased 2,800 shares of the business’s stock in a transaction on Monday, January 20th. The shares were purchased at an average cost of GBX 427 ($5.55) per share, with a total value of £11,956 ($15,529.29). Company 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.