Bytes Technology Group (LON:BYIT) Shares Up 17.9% – Time to Buy?

Bytes Technology Group plc (LON:BYIT)’s stock price rose 17.9% on Tuesday . The company 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).

Analyst Upgrades and Downgrades

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

Bytes Technology Group Stock Up 17.9 %

The company has a current ratio of 1.09, a quick ratio of 0.98 and a debt-to-equity ratio of 0.67. The firm has a 50-day moving average of GBX 436.45 and a 200 day moving average of GBX 454.69. The stock has a market capitalization of £1.18 billion, a price-to-earnings ratio of 22.70, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65.

Insider Buying and Selling

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

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.