Bytes Technology Group (LON:BYIT) Stock Price Up 15.9% Following Analyst Upgrade

Shares of Bytes Technology Group plc (LON:BYIT) rose 15.9% 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 480.09 ($6.25). Approximately 6,504,354 shares traded hands during mid-day trading, an increase of 357% from the average daily volume of 1,423,970 shares. The stock had previously closed at GBX 414.40 ($5.39).

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

Insider Transactions at Bytes Technology Group

In other news, insider Ross Paterson purchased 2,800 shares of the business’s stock in a transaction dated Monday, January 20th. The stock was acquired at an average price of GBX 427 ($5.55) per share, for a total transaction of £11,956 ($15,553.53). Insiders own 9.51% of the company’s stock.

Bytes Technology Group Price Performance

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 firm has a market cap of £1.18 billion, a price-to-earnings ratio of 22.74, a P/E/G ratio of 2.27 and a beta of 0.65. The stock’s fifty day moving average price is GBX 437.91 and its 200-day moving average price is GBX 454.81.

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.