Bytes Technology Group (LON:BYIT) Trading 17.9% Higher – Here’s Why

Shares of Bytes Technology Group plc (LON:BYIT) shot up 17.9% during mid-day trading 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 were traded during 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).

Analyst Upgrades and Downgrades

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 17.9 %

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 firm has a 50 day moving average price of GBX 435.31 and a 200-day moving average price of GBX 454.59. The firm has a market cap of £1.18 billion, a price-to-earnings ratio of 22.70, a P/E/G ratio of 2.27 and a beta of 0.65.

Insiders Place Their Bets

In other Bytes Technology Group news, insider Ross Paterson bought 2,800 shares of Bytes Technology Group 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 ($15,529.29). 9.51% of the stock is currently owned by company insiders.

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.