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

Bytes Technology Group plc (LON:BYIT - Get Free Report) traded up 17.9% during trading on Wednesday 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 ($6.49) and last traded at GBX 488.40 ($6.31). 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 ($5.35).

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

Insider Activity

In related news, insider Ross Paterson purchased 2,800 shares of the firm's stock in a transaction that occurred on Monday, January 20th. The shares were acquired at an average price of GBX 427 ($5.51) per share, with a total value of £11,956 ($15,437.06). 9.51% of the stock is currently owned by company insiders.

Bytes Technology Group Trading Down 0.2 %

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 22.73, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65. The company has a 50 day moving average of GBX 440.68 and a 200 day moving average of 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.