Conduit (LON:CRE) Hits New 52-Week Low on Analyst Downgrade

Key Points

• Conduit Holdings Limited reached a new 52-week low of GBX 296.39 ($3.93), significantly down from its previous close of GBX 384 ($5.09), with over 6.7 million shares traded.
• Berenberg Bank has maintained a "buy" rating for Conduit, setting a price target of GBX 700 ($9.28) for the stock.
• Insider Neil David Eckert purchased 1,850 shares at an average price of GBX 369 ($4.89), demonstrating continued insider confidence as they own 6.19% of the stock.

Conduit Holdings Limited (LON:CRE - Get Free Report) shares reached a new 52-week low on Thursday after Royal Bank Of Canada lowered their price target on the stock from GBX 400 to GBX 300. Royal Bank Of Canada currently has a sector perform rating on the stock. Conduit traded as low as GBX 296.39 ($3.94) and last traded at GBX 299.50 ($3.98), with a volume of 6725274 shares traded. The stock had previously closed at GBX 384 ($5.10).

Separately, Berenberg Bank reaffirmed a "buy" rating and issued a GBX 700 ($9.29) price objective on shares of Conduit in a research note on Wednesday, July 30th.

Insider Transactions at Conduit

In other Conduit news, insider Neil David Eckert acquired 1,850 shares of the stock in a transaction on Friday, May 16th. The shares were purchased at an average price of GBX 369 ($4.90) per share, for a total transaction of £6,826.50 ($9,064.53). 6.19% of the stock is currently owned by corporate insiders.

Conduit Price Performance

The business's fifty day moving average is GBX 378.14 and its 200-day moving average is GBX 382.77. The firm has a market cap of £624.84 million, a PE ratio of 2.93 and a beta of 0.52.

Conduit Company Profile

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.