Bytes Technology Group (LON:BYIT) Trading 17.9% Higher on Analyst Upgrade

Bytes Technology Group plc (LON:BYIT)’s stock price traded up 17.9% on Wednesday 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 503 ($6.52) and last traded at GBX 488.40 ($6.33). 156,397,625 shares were traded during mid-day trading, an increase of 3,624% from the average session volume of 4,199,771 shares. The stock had previously closed at GBX 414.40 ($5.37).

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

Insiders Place Their Bets

In related news, insider Ross Paterson purchased 2,800 shares of the business’s stock in a transaction on Monday, January 20th. The shares were purchased at an average price of GBX 427 ($5.54) per share, with a total value of £11,956 ($15,503.11). Corporate insiders own 9.51% of the company’s stock.

Bytes Technology Group Trading Down 0.1 %

The firm has a market capitalization of £1.19 billion, a price-to-earnings ratio of 22.77, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The business’s fifty day moving average is GBX 439.24 and its 200 day moving average is GBX 454.88. The company has a quick ratio of 0.98, a current ratio of 1.09 and a debt-to-equity ratio of 0.67.

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.