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

Shares of Bytes Technology Group plc (LON:BYIT) shot up 17.9% 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 changed 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 research note on Tuesday.

Insider Activity

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

Bytes Technology Group Price Performance

The stock has a market capitalization of £1.19 billion, a PE ratio of 22.77, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The stock’s 50 day moving average is GBX 437.91 and its two-hundred day moving average is GBX 454.81. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.98 and a current ratio of 1.09.

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.