Bytes Technology Group (LON:BYIT) Shares Up 17.9% – Here’s Why

Bytes Technology Group plc (LON:BYIT) shot up 17.9% during trading on Tuesday . The stock traded as high as GBX 503 ($6.54) and last traded at GBX 488.40 ($6.35). 156,397,625 shares changed hands 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 ($5.39).

Wall Street Analysts Forecast Growth

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

Bytes Technology Group Price Performance

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 firm has a market cap of £1.18 billion, a price-to-earnings ratio of 22.70, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The stock’s 50 day simple moving average is GBX 436.45 and its 200-day simple moving average is GBX 454.69.

Insider Buying and Selling at Bytes Technology Group

In other Bytes Technology Group news, insider Ross Paterson acquired 2,800 shares of the business’s stock in a transaction dated Monday, January 20th. The shares were purchased at an average price of GBX 427 ($5.55) per share, for a total transaction of £11,956 ($15,543.42). 9.51% of the stock is currently owned by company insiders.

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.