Bytes Technology Group (LON:BYIT) Stock Price Up 17.2% on Analyst Upgrade

Bytes Technology Group plc (LON:BYIT) traded up 17.2% 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 485.80 ($6.32). 6,718,149 shares traded hands during mid-day trading, an increase of 370% from the average session volume of 1,427,929 shares. The stock had previously closed at GBX 414.40 ($5.39).

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

Insider Buying and Selling at Bytes Technology Group

In other Bytes Technology Group news, insider Ross Paterson acquired 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 ($15,553.53). 9.51% of the stock is owned by company insiders.

Bytes Technology Group Stock Performance

The stock has a market cap of £1.18 billion, a PE ratio of 22.74, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The stock has a fifty day moving average of GBX 437.91 and a 200-day moving average of GBX 454.81. 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.