Bytes Technology Group (LON:BYIT) Trading Up 14.4% Following Analyst Upgrade

Bytes Technology Group plc (LON:BYIT) traded up 14.4% 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 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 reaffirmed a “buy” rating on shares of Bytes Technology Group in a research report on Tuesday.

Insider Transactions at Bytes Technology Group

In related news, insider Ross Paterson bought 2,800 shares of Bytes Technology Group stock in a transaction dated Monday, January 20th. The shares were acquired at an average cost of GBX 427 ($5.55) per share, with a total value of £11,956 ($15,553.53). Corporate insiders own 9.51% of the company’s stock.

Bytes Technology Group Trading Up 0.2 %

The company has a market capitalization of £1.18 billion, a PE ratio of 22.74, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The company’s fifty day moving average is GBX 437.91 and its 200-day moving average is GBX 454.81. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.09 and a quick ratio of 0.98.

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.