Bytes Technology Group (LON:BYIT) Shares Up 17.9% – Still a Buy?

Bytes Technology Group plc (LON:BYIT) shot up 17.9% during mid-day trading on Tuesday . The company traded as high as GBX 503 ($6.54) and last traded at GBX 488.40 ($6.35). 156,397,625 shares were traded during mid-day 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).

Wall Street Analysts Forecast Growth

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

Bytes Technology Group Stock Up 17.9 %

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

Insider Activity

In other news, insider Ross Paterson bought 2,800 shares of the firm’s stock in a transaction that occurred on Monday, January 20th. The stock was acquired at an average cost of GBX 427 ($5.55) per share, with a total value of £11,956 ($15,543.42). 9.51% of the stock is owned by corporate insiders.

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.