Bytes Technology Group (LON:BYIT) Trading Up 19.6% on Analyst Upgrade

Bytes Technology Group plc (LON:BYIT)’s stock price rose 19.6% 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 496.60 ($6.46) and last traded at GBX 495.60 ($6.45). Approximately 6,850,618 shares changed hands during trading, an increase of 379% from the average daily volume of 1,430,283 shares. The stock had previously closed at GBX 414.40 ($5.39).

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

Insider Activity

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

Bytes Technology Group Stock Performance

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 firm’s 50-day moving average price is GBX 437.91 and its 200-day moving average price is GBX 454.81. The stock has a market cap of £1.19 billion, a P/E ratio of 22.94, a PEG ratio of 2.27 and a beta of 0.65.

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.