Bytes Technology Group (LON:BYIT) Trading Up 17.9% – Here’s What Happened

Bytes Technology Group plc (LON:BYIT) was up 17.9% on Wednesday . The company traded as high as GBX 503 ($6.54) and last traded at GBX 488.40 ($6.35). Approximately 156,397,625 shares changed 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).

Wall Street Analyst Weigh In

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

Bytes Technology Group Trading Up 17.9 %

The stock has a 50-day simple moving average of GBX 436.45 and a two-hundred day simple moving average of GBX 454.69. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.98 and a current ratio of 1.09. The firm has a market cap of £1.18 billion, a PE ratio of 22.70, a price-to-earnings-growth ratio of 2.27 and a beta of 0.65.

Insiders Place Their Bets

In other Bytes Technology Group news, insider Ross Paterson bought 2,800 shares of the business’s stock in a transaction that occurred on Monday, January 20th. The stock was purchased at an average price of GBX 427 ($5.55) per share, for a total transaction of £11,956 ($15,543.42). Company 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.