Conduit (LON:CRE) Shares Down 22% - Here's What Happened

Key Points

• Conduit Holdings Limited shares experienced a dramatic 22% decline, trading as low as GBX 296.39 ($3.93) during mid-day trading.
• Despite the recent drop, Berenberg Bank has reaffirmed a "buy" rating for the stock with a target price of GBX 700 ($9.28).
• Insider Neil David Eckert purchased 1,850 shares at an average price of GBX 369 ($4.89), highlighting ongoing insider confidence in the company's prospects.

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CRE. 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. Royal Bank Of Canada decreased their price target on shares of 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.

Conduit Price Performance

The stock's 50 day simple moving average is GBX 378.14 and its 200-day simple moving average is GBX 383.30. The stock has a market capitalization of £623.25 million, a price-to-earnings ratio of 2.92 and a beta of 0.52.

Insiders Place Their Bets

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