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

Bytes Technology Group plc (LON:BYIT - Get Free Report)'s stock price traded up 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 ($6.30) and last traded at GBX 480.09 ($6.20). 6,504,354 shares were traded during mid-day trading, an increase of 357% from the average session volume of 1,423,970 shares. The stock had previously closed at GBX 414.40 ($5.35).

Separately, Shore Capital reissued a "buy" rating on shares of Bytes Technology Group in a report on Tuesday.

Insider Activity at Bytes Technology Group

In other Bytes Technology Group news, insider Ross Paterson purchased 2,800 shares of the firm's stock in a transaction on 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). Company insiders own 9.51% of the company's stock.

Bytes Technology Group Stock 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 market capitalization of £1.18 billion, a PE ratio of 22.73, a PEG ratio of 2.27 and a beta of 0.65. The firm's 50-day simple moving average is GBX 440.68 and its two-hundred day simple moving average is GBX 454.97.

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.