Bytes Technology Group (LON:BYIT) Trading 15.9% Higher Following Analyst Upgrade

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

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

Insider Transactions at Bytes Technology Group

In other Bytes Technology Group news, insider Ross Paterson purchased 2,800 shares of the firm’s stock in a transaction that occurred on Monday, January 20th. The stock was purchased at an average price of GBX 427 ($5.55) per share, for a total transaction of £11,956 ($15,553.53). Insiders own 9.51% of the company’s stock.

Bytes Technology Group Stock Up 0.2 %

The company has a market capitalization of £1.18 billion, a price-to-earnings 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 quick ratio of 0.98 and a current ratio of 1.09. The business has a 50-day simple moving average of GBX 437.91 and a two-hundred day simple moving average 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.