Bytes Technology Group (LON:BYIT) Trading Up 15.9% on Analyst Upgrade

Bytes Technology Group plc (LON:BYIT) shares rose 15.9% 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 480.09 ($6.25). Approximately 6,504,354 shares traded hands during mid-day trading, an increase of 357% from the average daily volume of 1,423,970 shares. The stock had previously closed at GBX 414.40 ($5.39).

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

Insider Buying and Selling at Bytes Technology Group

In other 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 purchased at an average cost 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 corporate insiders.

Bytes Technology Group Trading Up 0.2 %

The firm has a market cap of £1.18 billion, a PE ratio of 22.74, a PEG ratio of 2.27 and a beta of 0.65. 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 business has a 50-day moving average price of GBX 437.91 and a two-hundred day moving average price of GBX 454.81.

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.