Bytes Technology Group (LON:BYIT) Stock Price Up 17.9% on Analyst Upgrade

Bytes Technology Group plc (LON:BYIT)’s share price traded up 17.9% during trading 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 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 restated a “buy” rating on shares of Bytes Technology Group in a research note on Tuesday.

Insider Activity

In related news, insider Ross Paterson acquired 2,800 shares of the firm’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). 9.51% of the stock is currently owned by corporate insiders.

Bytes Technology Group Price Performance

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 company’s 50 day moving average price is GBX 439.24 and its 200 day moving average price is GBX 454.88. The firm has a market capitalization of £1.18 billion, a P/E ratio of 22.57, a PEG ratio of 2.27 and a beta of 0.65.

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.