Bytes Technology Group (LON:BYIT) Trading Up 17.9% - What's Next?

Bytes Technology Group plc (LON:BYIT) experienced a significant increase of 17.9% during trading on Tuesday. The stock reached a peak of GBX 503 ($6.54) before closing at GBX 488.40 ($6.35). The trading volume was notable, with approximately 156,397,625 shares exchanged, marking a dramatic surge of 3,624% compared to the typical daily volume of 4,199,771 shares. Prior to this, the stock had closed at GBX 414.40 ($5.39).

Analyst Upgrades and Downgrades

In recent news, Shore Capital reaffirmed a "buy" rating for Bytes Technology Group shares in a research report released on Tuesday.

Bytes Technology Group Price Performance

The company’s stock has a 50-day moving average price of GBX 436.45 and a 200-day moving average of GBX 454.69. Bytes Technology Group has a market capitalization of £1.18 billion, a price-to-earnings ratio of 22.70, and a PEG ratio of 2.27, with a beta value of 0.65. The company's financial health indicators include a quick ratio of 0.98, a current ratio of 1.09, and a debt-to-equity ratio of 0.67.

Insider Activity

In other news, insider Ross Paterson purchased 2,800 shares of Bytes Technology Group on January 20th at an average price of GBX 427 ($5.55) per share. The total transaction value was £11,956 ($15,543.42). Company insiders hold 9.51% of the total shares of the company.

Bytes Technology Group Company Profile

Founded over 40 years ago, Bytes Technology Group is recognized as one of the UK's top providers of software, security, and cloud services. The company specializes in technology sourcing, adoption, and management to help clients effectively and affordably integrate their technology solutions. Their strong partnerships with leading global software companies allow Bytes Technology Group to offer cutting-edge technology to an extensive and varied customer base.

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