Bytes Technology Group (LON:BYIT) Shares Up 17.9% Following Analyst Upgrade

Shares of Bytes Technology Group plc (LON:BYIT) were up 17.9% 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 503 ($6.54) and last traded at GBX 488.40 ($6.35). Approximately 156,397,625 shares traded hands 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 ($5.39).

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

Insider Buying and Selling at Bytes Technology Group

In other Bytes Technology Group news, insider Ross Paterson purchased 2,800 shares of the stock in a transaction dated Monday, January 20th. The stock was purchased at an average price of GBX 427 ($5.55) per share, with a total value of £11,956 ($15,553.53). 9.51% of the stock is currently owned by insiders.

Bytes Technology Group Price Performance

The stock has a market cap of £1.19 billion, a price-to-earnings ratio of 22.77, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The stock’s 50 day moving average price is GBX 437.91 and its two-hundred day moving average price is GBX 454.81. The company has a quick ratio of 0.98, a current ratio of 1.09 and a debt-to-equity ratio of 0.67.

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.