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

by · The Markets Daily

Bytes Technology Group plc (LON:BYIT – Get Free Report)’s stock price traded up 17.9% during mid-day 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 503 ($6.52) and last traded at GBX 488.40 ($6.33). 156,397,625 shares changed hands during mid-day 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 reaffirmed a “buy” rating on shares of Bytes Technology Group in a research report on Tuesday.

Get Our Latest Stock Report on Bytes Technology Group

Insiders Place Their Bets

In other news, insider Ross Paterson purchased 2,800 shares of the stock in a transaction that occurred on Monday, January 20th. The shares were purchased at an average cost of GBX 427 ($5.54) per share, for a total transaction of £11,956 ($15,503.11). Company insiders own 9.51% of the company’s stock.

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 stock has a market cap of £1.19 billion, a price-to-earnings ratio of 22.77, a P/E/G ratio of 2.27 and a beta of 0.65. The stock’s 50 day simple moving average is GBX 437.91 and its two-hundred day simple moving average is GBX 454.81.

About Bytes Technology Group

(Get Free Report)

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.

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