Bytes Technology Group (LON:BYIT) Stock Price Up 17.9% – Time to Buy?

Bytes Technology Group plc (LON:BYIT)’s share price rose 17.9% during trading on Tuesday . The company 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 mid-day 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).

Analysts Set New Price Targets

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

Bytes Technology Group Stock Performance

The business’s fifty day moving average price is GBX 435.31 and its 200-day moving average price is GBX 454.59. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.09 and a quick ratio of 0.98. The stock has a market capitalization of £1.18 billion, a PE ratio of 22.70, a P/E/G ratio of 2.27 and a beta of 0.65.

Insider Buying and Selling

In other Bytes Technology Group news, insider Ross Paterson purchased 2,800 shares of the stock in a transaction on Monday, January 20th. The shares were purchased at an average price of GBX 427 ($5.55) per share, with a total value of £11,956 ($15,529.29). 9.51% of the stock is currently owned by insiders.

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.