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

Bytes Technology Group plc (LON:BYIT) shares shot up 17.9% 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 503 ($6.54) and last traded at GBX 488.40 ($6.35). 156,397,625 shares traded hands 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 ($5.39).

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

Insider Activity at Bytes Technology Group

In other news, insider Ross Paterson purchased 2,800 shares of the stock in a transaction that occurred on Monday, January 20th. The stock was acquired at an average price of GBX 427 ($5.55) per share, with a total value of £11,956 ($15,553.53). 9.51% of the stock is currently owned by corporate insiders.

Bytes Technology Group Stock Down 0.1 %

The stock has a market cap of £1.19 billion, a P/E ratio of 22.77, a PEG ratio of 2.27 and a beta of 0.65. The business has a 50-day simple moving average of GBX 437.91 and a 200-day simple 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.