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

Bytes Technology Group plc (LON:BYIT - Get Free Report) rose 17.9% 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). Approximately 156,397,625 shares were traded during trading, an increase of 3,624% from the average daily 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 report on Tuesday.

Insider Transactions at Bytes Technology Group

In related news, insider Ross Paterson bought 2,800 shares of the stock in a transaction dated Monday, January 20th. The stock was acquired 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 Trading Down 0.2 %

The company has a quick ratio of 0.98, a current ratio of 1.09 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 business has a 50 day moving average price of GBX 440.68 and a 200-day moving average price 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.