Bytes Technology Group (LON:BYIT) Trading 17.9% Higher Following Analyst Upgrade

Bytes Technology Group plc (LON:BYIT) shares traded up 17.9% during trading on Wednesday 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 ($6.52) and last traded at GBX 488.40 ($6.33). 156,397,625 shares were traded 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 ($5.37).

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

Insider Transactions at Bytes Technology Group

In related news, insider Ross Paterson acquired 2,800 shares of Bytes Technology Group stock in a transaction that occurred on Monday, January 20th. The stock was acquired at an average price of GBX 427 ($5.54) per share, with a total value of £11,956 ($15,503.11). Insiders own 9.51% of the company’s stock.

Bytes Technology Group Trading Down 0.9 %

The business’s 50 day moving average price is GBX 439.24 and its two-hundred day moving average price is GBX 454.88. 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 company has a market capitalization of £1.17 billion, a price-to-earnings ratio of 22.56, a price-to-earnings-growth 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.