Bytes Technology Group (LON:BYIT) Stock Price Up 20.3% on Analyst Upgrade

Bytes Technology Group plc (LON:BYIT)’s stock price traded up 20.3% during mid-day 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 498.80 ($6.49) and last traded at GBX 498.60 ($6.49). 7,128,283 shares changed hands during trading, an increase of 397% from the average session volume of 1,435,524 shares. The stock had previously closed at GBX 414.40 ($5.39).

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

Insider Buying and Selling

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

Bytes Technology Group Price Performance

The company has a current ratio of 1.09, a quick ratio of 0.98 and a debt-to-equity ratio of 0.67. The stock has a fifty day simple moving average of GBX 437.91 and a two-hundred day simple moving average of GBX 454.81. The company has a market cap of £1.19 billion, a PE ratio of 22.94, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65.

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.