Bytes Technology Group (LON:BYIT) Trading Up 17.9% – What’s Next?

Bytes Technology Group plc (LON:BYIT) rose 17.9% during trading on Tuesday . The company traded as high as GBX 503 ($6.54) and last traded at GBX 488.40 ($6.35). Approximately 156,397,625 shares traded hands during mid-day trading, an increase of 3,624% from the average daily volume of 4,199,771 shares. The stock had previously closed at GBX 414.40 ($5.39).

Analyst Upgrades and Downgrades

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

Bytes Technology Group Price Performance

The stock’s 50-day moving average price is GBX 436.45 and its 200 day moving average price is GBX 454.69. The firm has a market capitalization of £1.18 billion, a price-to-earnings ratio of 22.70, a PEG ratio of 2.27 and a beta of 0.65. The company has a quick ratio of 0.98, a current ratio of 1.09 and a debt-to-equity ratio of 0.67.

Insider Activity

In other news, insider Ross Paterson acquired 2,800 shares of the company’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, with a total value of £11,956 ($15,543.42). Company insiders own 9.51% of the company’s stock.

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.