Conduit's (CRE) "Buy" Rating Reiterated at Berenberg Bank

Key Points

• Berenberg Bank has reiterated a "buy" rating for Conduit (LON:CRE), setting a price target of GBX 700 ($9.35), indicating a potential upside of 131.02% from its previous close.
• Conduit Reinsurance, a Bermuda-based company, has a market capitalization of £609.17 million and operates with a P/E ratio of 2.86.
• Insider Neil David Eckert recently purchased 1,850 shares of Conduit's stock at an average price of GBX 369 ($4.93), reflecting confidence in the company's prospects.

Conduit (LON:CRE - Get Free Report)'s stock had its "buy" rating restated by equities researchers at Berenberg Bank in a note issued to investors on Wednesday, Marketbeat reports. They presently have a GBX 700 ($9.25) target price on the stock. Berenberg Bank's price target would indicate a potential upside of 128.01% from the stock's current price.

Conduit Stock Up 0.7%

Conduit stock traded up GBX 2 ($0.03) during mid-day trading on Wednesday, reaching GBX 307 ($4.06). 1,799,096 shares of the company's stock traded hands, compared to its average volume of 898,796. Conduit has a 12-month low of GBX 296.39 ($3.92) and a 12-month high of GBX 549.74 ($7.26). The company has a market cap of £617.22 million, a price-to-earnings ratio of 2.90 and a beta of 0.52. The stock has a 50 day moving average of GBX 379.62 and a two-hundred day moving average of GBX 384.76.

Insider Buying and Selling at Conduit

In related news, insider Neil David Eckert bought 1,850 shares of the stock in a transaction dated Friday, May 16th. The stock was purchased at an average cost of GBX 369 ($4.87) per share, with a total value of £6,826.50 ($9,017.83). Insiders own 6.19% of the company's stock.

About Conduit

Conduit Re is a Bermuda-based multi-line reinsurance business with global reach. Conduit Reinsurance Limited is licensed by the Bermuda Monetary Authority as a Class 4 insurer. A.M. Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of a- (Excellent) to Conduit Reinsurance Limited.