Conduit (LON:CRE) Trading Down 22% - Here's Why

Key Points

• Conduit Holdings Limited saw a significant drop in share price, falling 22% to GBX 299.50 ($3.97) amid increased trading volume of 6,725,274 shares.
• Despite the decline, Berenberg Bank reaffirmed a "buy" rating with a new price target of GBX 700 ($9.28) for Conduit shares.
• Insider Neil David Eckert recently purchased 1,850 shares at GBX 369 ($4.89), reflecting confidence from company insiders in the firm's future performance.

Conduit Holdings Limited (LON:CRE - Get Free Report) was down 22% during trading on Wednesday . The stock traded as low as GBX 296.39 ($3.93) and last traded at GBX 299.50 ($3.98). Approximately 6,725,274 shares changed hands during trading, an increase of 657% from the average daily volume of 888,956 shares. The stock had previously closed at GBX 384 ($5.10).

Analyst Upgrades and Downgrades

Several equities research analysts have commented on CRE shares. Berenberg Bank reaffirmed a "buy" rating and set a GBX 700 ($9.29) price objective on shares of Conduit in a report on Wednesday. Royal Bank Of Canada dropped their price objective on shares of Conduit from GBX 400 ($5.31) to GBX 300 ($3.98) and set a "sector perform" rating on the stock in a report on Thursday.

Conduit Stock Performance

The firm has a 50 day simple moving average of GBX 378.14 and a 200 day simple moving average of GBX 383.79. The firm has a market cap of £623.25 million, a P/E ratio of 2.92 and a beta of 0.52.

Insider Buying and Selling at Conduit

In other Conduit news, insider Neil David Eckert purchased 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, with a total value of £6,826.50 ($9,060.92). 6.19% of the stock is currently 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.