Bytes Technology Group (LON:BYIT) Trading 17.9% Higher – Should You Buy?

Bytes Technology Group plc (LON:BYIT) shares 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 traded 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).

Analyst Ratings Changes

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

Bytes Technology Group Stock Performance

The company has a market cap of £1.18 billion, a PE ratio of 22.70, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The firm’s fifty day moving average is GBX 435.31 and its 200 day moving average is GBX 454.59. The company has a current ratio of 1.09, a quick ratio of 0.98 and a debt-to-equity ratio of 0.67.

Insider Transactions at Bytes Technology Group

In other news, insider Ross Paterson acquired 2,800 shares of the company’s stock in a transaction that occurred on Monday, January 20th. The stock was purchased 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.