Bytes Technology Group (LON:BYIT) Shares Up 17.9% – Here’s What Happened

Bytes Technology Group plc (LON:BYIT)’s stock price rose 17.9% during mid-day trading on Tuesday . The stock traded as high as GBX 503 ($6.53) and last traded at GBX 488.40 ($6.34). Approximately 156,397,625 shares changed hands during trading, an increase of 3,624% from the average daily volume of 4,199,771 shares. The stock had previously closed at GBX 414.40 ($5.38).

Wall Street Analyst Weigh In

Separately, Shore Capital restated a “buy” rating on shares of Bytes Technology Group in a report on Friday, January 31st.

Bytes Technology Group Stock Up 17.9 %

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 company has a market cap of £1.18 billion, a price-to-earnings ratio of 22.70, a P/E/G ratio of 2.27 and a beta of 0.65. The business has a fifty day moving average price of GBX 435.31 and a two-hundred day moving average price of GBX 454.59.

Insiders Place Their Bets

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 ($15,529.29). Insiders own 9.51% of the company’s stock.

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.