Bytes Technology Group (LON:BYIT) Shares Up 20.3% After Analyst Upgrade

Bytes Technology Group plc (LON:BYIT - Get Free Report) shares shot up 20.3% 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 498.80 ($6.44) and last traded at GBX 498.60 ($6.44). 7,128,283 shares traded hands during mid-day trading, an increase of 397% from the average session volume of 1,435,524 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 report on Tuesday.

Insider Buying and Selling

In related news, insider Ross Paterson purchased 2,800 shares of Bytes Technology Group stock in a transaction dated Monday, January 20th. The stock was acquired at an average cost 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 market cap of £1.18 billion, a PE ratio of 22.73, a P/E/G ratio of 2.27 and a beta of 0.65. 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 business's 50-day simple moving average is GBX 440.68 and its 200-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.