Bytes Technology Group (LON:BYIT) Stock Price Up 17.9% on Analyst Upgrade

Bytes Technology Group plc (LON:BYIT)’s share price rose 17.9% 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 503 ($6.52) and last traded at GBX 488.40 ($6.33). Approximately 156,397,625 shares changed hands during trading, an increase of 3,624% from the average daily volume of 4,199,771 shares. The stock had previously closed at GBX 414.40 ($5.37).

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

Insider Buying and Selling at Bytes Technology Group

In other Bytes Technology Group news, insider Ross Paterson acquired 2,800 shares of the firm’s stock in a transaction on Monday, January 20th. The stock was acquired at an average cost of GBX 427 ($5.54) per share, for a total transaction of £11,956 ($15,503.11). 9.51% of the stock is currently owned by company insiders.

Bytes Technology Group Price Performance

The company has a debt-to-equity ratio of 0.67, a current ratio of 1.09 and a quick ratio of 0.98. The stock has a market capitalization of £1.19 billion, a price-to-earnings ratio of 22.77, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The stock has a 50 day moving average price of GBX 437.91 and a 200-day moving average price of 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.