Bytes Technology Group (LON:BYIT) Trading Up 19.6% After Analyst Upgrade

Bytes Technology Group plc (LON:BYIT)’s share price shot up 19.6% 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). 6,850,618 shares changed hands during mid-day trading, an increase of 379% from the average session volume of 1,430,283 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 report on Tuesday.

Insider Buying and Selling at Bytes Technology Group

In related news, insider Ross Paterson bought 2,800 shares of the stock in a transaction on Monday, January 20th. The shares were bought at an average cost 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 company insiders.

Bytes Technology Group Trading Up 0.2 %

The company has a fifty 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. The stock has a market capitalization of £1.18 billion, a price-to-earnings ratio of 22.74, a P/E/G ratio of 2.27 and a beta of 0.65.

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.