Bytes Technology Group (LON:BYIT) Shares Up 17.9% After Analyst Upgrade

Shares of Bytes Technology Group plc (LON:BYIT) shot up 17.9% during mid-day trading 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 traded 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 report on Tuesday.

Insider Transactions at Bytes Technology Group

In other news, insider Ross Paterson purchased 2,800 shares of Bytes Technology Group stock in a transaction that occurred on Monday, January 20th. The stock was bought at an average price of GBX 427 ($5.55) per share, with a total value of £11,956 ($15,553.53). 9.51% of the stock is owned by insiders.

Bytes Technology Group Price Performance

The firm has a 50-day moving average of GBX 437.91 and a 200-day moving average of 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. The firm has a market capitalization of £1.19 billion, a P/E ratio of 22.77, a PEG 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.