Bytes Technology Group (LON:BYIT) Stock Price Up 19.6% Following Analyst Upgrade

Bytes Technology Group plc (LON:BYIT - Get Free Report) shares traded up 19.6% 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 496.60 ($6.41) and last traded at GBX 495.60 ($6.40). 6,850,618 shares traded hands during trading, an increase of 379% from the average session volume of 1,430,283 shares. The stock had previously closed at GBX 414.40 ($5.35).

Separately, Shore Capital reiterated a "buy" rating on shares of Bytes Technology Group in a research note on Tuesday.

Insider Buying and Selling

In related news, insider Ross Paterson bought 2,800 shares of the stock in a transaction dated Monday, January 20th. The shares were purchased at an average price of GBX 427 ($5.51) per share, for a total transaction of £11,956 ($15,437.06). Corporate 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 stock has a 50-day moving average price of GBX 440.68 and a 200 day moving average price of GBX 454.97. The stock has a market capitalization of £1.18 billion, a price-to-earnings ratio of 22.73, 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.