Bytes Technology Group (LON:BYIT) Stock Price Up 17.9% – Here’s Why

Bytes Technology Group plc (LON:BYIT)’s share price rose 17.9% on Wednesday . The stock traded as high as GBX 503 ($6.54) and last traded at GBX 488.40 ($6.35). Approximately 156,397,625 shares traded hands during mid-day 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 ($5.39).

Analysts Set New Price Targets

Separately, Shore Capital reaffirmed a “buy” rating on shares of Bytes Technology Group in a research report on Tuesday.

Bytes Technology Group Stock Up 17.9 %

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 P/E ratio of 22.70, a PEG ratio of 2.27 and a beta of 0.65. The stock’s 50-day simple moving average is GBX 436.45 and its 200 day simple moving average is GBX 454.69.

Insider Buying and Selling at Bytes Technology Group

In related news, insider Ross Paterson acquired 2,800 shares of the business’s stock in a transaction dated Monday, January 20th. The shares were bought at an average price of GBX 427 ($5.55) per share, with a total value of £11,956 ($15,543.42). Insiders own 9.51% of the company’s stock.

About Bytes Technology Group

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.