Bytes Technology Group (LON:BYIT) Trading 17.9% Higher Following Analyst Upgrade

Bytes Technology Group plc (LON:BYIT)’s share price rose 17.9% during trading on Wednesday 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 traded hands during mid-day 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 reissued a “buy” rating on shares of Bytes Technology Group in a research note on Tuesday.

Insider Activity at Bytes Technology Group

In related news, insider Ross Paterson bought 2,800 shares of the business’s stock in a transaction that occurred on Monday, January 20th. The shares were bought at an average price of GBX 427 ($5.54) per share, with a total value of £11,956 ($15,503.11). 9.51% of the stock is owned by insiders.

Bytes Technology Group Stock Performance

The company has a market cap of £1.17 billion, a PE ratio of 22.54, a PEG ratio of 2.27 and a beta of 0.65. 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 company has a 50-day moving average of GBX 439.24 and a 200-day moving average of GBX 454.88.

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.