Bytes Technology Group (LON:BYIT) Stock Price Up 14.4% After Analyst Upgrade

Bytes Technology Group plc (LON:BYIT)’s share price shot up 14.4% 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 487.60 ($6.34) and last traded at GBX 474 ($6.17). 6,013,226 shares traded hands during mid-day trading, an increase of 325% from the average session volume of 1,414,875 shares. The stock had previously closed at GBX 414.40 ($5.39).

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

Bytes Technology Group Stock Performance

The stock has a market capitalization of £1.18 billion, a PE ratio of 22.74, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The business’s fifty day moving average is GBX 437.91 and its two-hundred day moving average is 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.