Bytes Technology Group (LON:BYIT) Trading Up 17.9% – Here’s What Happened

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

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

Bytes Technology Group Price Performance

The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.98 and a current ratio of 1.09. The stock has a market cap 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. The company has a 50-day simple moving average of GBX 435.31 and a two-hundred day simple moving average of GBX 454.59.

Insider Buying and Selling

In other Bytes Technology Group news, insider Ross Paterson bought 2,800 shares of the firm’s stock in a transaction that occurred on 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 ($15,543.42). 9.51% of the stock is owned by insiders.

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.