Bytes Technology Group (LON:BYIT) Trading 14.4% Higher Following Analyst Upgrade

Bytes Technology Group plc (LON:BYIT) shot up 14.4% 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 487.60 ($6.34) and last traded at GBX 474 ($6.17). 6,013,226 shares were traded during trading, an increase of 325% from the average session volume of 1,414,875 shares. The stock had previously closed at GBX 414.40 ($5.39).

Separately, Shore Capital restated a “buy” rating on shares of Bytes Technology Group in a research report on Tuesday.

Insider Activity

In related 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 purchased at an average price of GBX 427 ($5.55) per share, for a total transaction of £11,956 ($15,553.53). Company insiders own 9.51% of the company’s stock.

Bytes Technology Group Trading Up 0.2 %

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 firm has a market capitalization of £1.18 billion, a price-to-earnings ratio of 22.74, a PEG ratio of 2.27 and a beta of 0.65. The company has a fifty day moving average price of GBX 437.91 and a two-hundred day moving average price of GBX 454.81.

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.