Conduit (LON:CRE) Shares Down 19.6% - Time to Sell?

Key Points

• Conduit Holdings Limited (LON:CRE) saw its share price decline by 19.6%, trading as low as GBX 302.50 during mid-day on Wednesday, with volume drastically up by 766% compared to its average session.
• Berenberg Bank has maintained a "buy" rating on Conduit and set a price target of GBX 700 ($9.35), indicating expectations for future growth despite current fluctuations.
• Insider transactions revealed Neil David Eckert purchased 1,850 shares at GBX 369 ($4.93), further demonstrating insider confidence in the company's long-term prospects.

Conduit Holdings Limited (LON:CRE - Get Free Report)'s share price fell 19.6% on Wednesday . The stock traded as low as GBX 302.50 ($4.02) and last traded at GBX 308.88 ($4.10). 7,761,653 shares changed hands during mid-day trading, an increase of 766% from the average session volume of 896,054 shares. The stock had previously closed at GBX 384 ($5.10).

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CRE. Berenberg Bank restated a "buy" rating and issued a GBX 700 ($9.29) price target on shares of Conduit in a research note on Wednesday. Royal Bank Of Canada cut their target price on Conduit from GBX 400 ($5.31) to GBX 300 ($3.98) and set a "sector perform" rating on the stock in a research note on Thursday.

Conduit Trading Up 1.6%

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 capitalization of £623.25 million, a PE ratio of 2.92 and a beta of 0.52.

Insider Buying and Selling

In other news, insider Neil David Eckert purchased 1,850 shares of the company's stock in a transaction dated Friday, May 16th. The shares were purchased at an average cost of GBX 369 ($4.90) per share, for a total transaction of £6,826.50 ($9,060.92). Corporate insiders own 6.19% of the company's stock.

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.