Bytes Technology Group (LON:BYIT) Trading 19.6% Higher – Here’s What Happened

Bytes Technology Group plc (LON:BYIT) shot up 19.6% during mid-day trading on Tuesday . The company traded as high as GBX 496.60 ($6.45) and last traded at GBX 495.60 ($6.44). 6,850,618 shares changed hands during trading, an increase of 379% from the average session volume of 1,430,283 shares. The stock had previously closed at GBX 414.40 ($5.38).

Analyst Upgrades and Downgrades

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

Bytes Technology Group Price Performance

The stock has a market cap of £1.20 billion, a PE ratio of 23.03, a P/E/G ratio of 2.27 and a beta of 0.65. 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 company’s 50 day moving average is GBX 435.31 and its 200-day moving average is GBX 454.59.

Insider Activity

In related news, insider Ross Paterson purchased 2,800 shares of the company’s stock in a transaction on Monday, January 20th. The shares were bought at an average cost of GBX 427 ($5.55) per share, for a total transaction of £11,956 ($15,529.29). Company insiders own 9.51% of the company’s stock.

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.