Bytes Technology Group (LON:BYIT) Trading 19.6% Higher on Analyst Upgrade

Bytes Technology Group plc (LON:BYIT)’s share price was up 19.6% 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 496.60 ($6.46) and last traded at GBX 495.60 ($6.45). Approximately 6,850,618 shares were traded during mid-day trading, an increase of 379% from the average daily volume of 1,430,283 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 Transactions at Bytes Technology Group

In other Bytes Technology Group news, insider Ross Paterson acquired 2,800 shares of the business’s stock in a transaction dated Monday, January 20th. The shares were purchased at an average price of GBX 427 ($5.55) per share, for a total transaction of £11,956 ($15,553.53). Company insiders own 9.51% of the company’s stock.

Bytes Technology Group Stock Performance

The company has a market capitalization of £1.19 billion, a PE ratio of 22.94, a PEG ratio of 2.27 and a beta of 0.65. The firm has a 50-day moving average of GBX 437.91 and a two-hundred day moving average of GBX 454.81. The company has a quick ratio of 0.98, a current ratio of 1.09 and a debt-to-equity ratio of 0.67.

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.