Bytes Technology Group (LON:BYIT) Trading 17.9% Higher – Should You Buy?

Bytes Technology Group plc (LON:BYIT) was up 17.9% during mid-day trading on Tuesday . The stock traded as high as GBX 503 ($6.53) and last traded at GBX 488.40 ($6.34). Approximately 156,397,625 shares were traded during mid-day trading, an increase of 3,624% from the average daily volume of 4,199,771 shares. The stock had previously closed at GBX 414.40 ($5.38).

Wall Street Analysts Forecast Growth

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

Bytes Technology Group Trading Up 17.9 %

The company has a fifty day moving average price of GBX 435.31 and a 200-day moving average price of GBX 454.59. The firm has a market cap of £1.18 billion, a price-to-earnings ratio of 22.70, a PEG ratio of 2.27 and a beta of 0.65. The company has a current ratio of 1.09, a quick ratio of 0.98 and a debt-to-equity ratio of 0.67.

Insider Buying and Selling at Bytes Technology Group

In related news, insider Ross Paterson purchased 2,800 shares of the company’s stock in a transaction dated Monday, January 20th. The stock was acquired at an average cost of GBX 427 ($5.55) per share, for a total transaction of £11,956 ($15,529.29). 9.51% of the stock is owned by corporate insiders.

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.