Conduit (LON:CRE) Stock Price Down 0.5% - Here's What Happened

Key Points

• Conduit Holdings Limited's stock fell 0.5% during mid-day trading, closing at GBX 384 ($5.13) from a previous close of GBX 386 ($5.15).
• Berenberg Bank has reaffirmed a "buy" rating for Conduit with a price target of GBX 700 ($9.35).
• Insider Neil David Eckert purchased 1,850 shares at an average price of GBX 369 ($4.93) on May 16th, indicating insider confidence in the company's future.

Conduit Holdings Limited (LON:CRE - Get Free Report) was down 0.5% during trading on Wednesday . The stock traded as low as GBX 381.50 ($5.06) and last traded at GBX 384 ($5.10). Approximately 575,595 shares traded hands during trading, a decline of 32% from the average daily volume of 848,705 shares. The stock had previously closed at GBX 386 ($5.12).

Analyst Ratings Changes

CRE has been the subject of several analyst reports. Royal Bank Of Canada dropped their price objective on Conduit from GBX 400 ($5.31) to GBX 300 ($3.98) and set a "sector perform" rating for the company in a report on Thursday. Berenberg Bank reissued a "buy" rating and set a GBX 700 ($9.29) price target on shares of Conduit in a report on Wednesday.

Conduit Price Performance

The firm has a fifty day moving average price of GBX 378.14 and a 200-day moving average price of GBX 383.79. The company has a market capitalization of £623.25 million, a P/E ratio of 2.92 and a beta of 0.52.

Insiders Place Their Bets

In other Conduit news, insider Neil David Eckert bought 1,850 shares of the business's stock in a transaction that occurred on Friday, May 16th. The shares were bought at an average cost of GBX 369 ($4.90) per share, with a total value of £6,826.50 ($9,060.92). 6.19% of the stock is owned by insiders.

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.