Bytes Technology Group (LON:BYIT) Trading 14.4% Higher After Analyst Upgrade

Bytes Technology Group plc (LON:BYIT) shot up 14.4% 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 487.60 ($6.34) and last traded at GBX 474 ($6.17). 6,013,226 shares changed hands during mid-day trading, an increase of 325% from the average session volume of 1,414,875 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 research report on Tuesday.

Insider Activity at Bytes Technology Group

In other Bytes Technology Group news, insider Ross Paterson acquired 2,800 shares of the company’s stock in a transaction that occurred on Monday, January 20th. The stock was bought 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 owned by corporate insiders.

Bytes Technology Group Stock Up 0.2 %

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 company has a 50 day moving average of GBX 437.91 and a 200-day moving average of GBX 454.81. The company has a market cap of £1.18 billion, a P/E ratio of 22.74, 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.