Conduit (LON:CRE) Trading Down 20.3% - Here's What Happened

Key Points

• Conduit Holdings Limited's shares plummeted by 20.3% on Wednesday, dropping from a previous close of GBX 384 ($5.13) to a low of GBX 300 ($4.01).
• Despite the drop, Berenberg Bank maintained a "buy" rating with a target price of GBX 700 ($9.35) for Conduit shares.
• Insider Neil David Eckert purchased 1,850 shares at £6,826.50 ($9,116.59) amid the stock's recent decline, indicating confidence from management.

Conduit Holdings Limited (LON:CRE - Get Free Report) shares traded down 20.3% during trading on Wednesday . The company traded as low as GBX 300 ($3.98) and last traded at GBX 306 ($4.06). 10,118,705 shares changed hands during trading, an increase of 1,009% from the average session volume of 912,198 shares. The stock had previously closed at GBX 384 ($5.10).

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Berenberg Bank reaffirmed a "buy" rating and set a GBX 700 ($9.29) price target on shares of Conduit in a research report on Wednesday. Royal Bank Of Canada decreased their price target on Conduit from GBX 400 ($5.31) to GBX 300 ($3.98) and set a "sector perform" rating for the company in a research report on Thursday.

Conduit Stock Up 1.6%

The stock has a 50-day simple moving average of GBX 378.14 and a 200-day simple moving average of GBX 383.30. The firm has a market capitalization of £623.25 million, a PE ratio of 2.92 and a beta of 0.52.

Insider Transactions at Conduit

In other news, insider Neil David Eckert bought 1,850 shares of the firm's stock in a transaction on Friday, May 16th. The stock was acquired 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 corporate insiders.

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.