Conduit (LON:CRE) Stock Price Down 20.4% - Should You Sell?

Key Points

• Conduit Holdings Limited's stock price plummeted by 20.4%, reaching a low of GBX 302.50 ($4.04) during trading on Wednesday.
• Berenberg Bank has maintained a "buy" rating for Conduit and set a price target of GBX 700 ($9.35), indicating a potential upside from the current price.
• Insider Neil David Eckert recently bought 1,850 shares at GBX 369 ($4.93), highlighting insider confidence despite the recent stock decline.

Shares of Conduit Holdings Limited (LON:CRE - Get Free Report) dropped 20.4% during mid-day trading on Wednesday . The stock traded as low as GBX 302.50 ($4.02) and last traded at GBX 305.55 ($4.06). Approximately 8,211,752 shares traded hands during trading, an increase of 813% from the average daily volume of 899,137 shares. The stock had previously closed at GBX 384 ($5.10).

Analyst Upgrades and Downgrades

CRE has been the topic of several recent analyst reports. Royal Bank Of Canada lowered their target price 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 research note on Thursday. Berenberg Bank reissued a "buy" rating and set a GBX 700 ($9.29) target price on shares of Conduit in a research note on Wednesday.

Conduit Stock Performance

The firm's 50 day moving average price is GBX 378.14 and its 200-day moving average price is 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.

Insiders Place Their Bets

In related news, insider Neil David Eckert purchased 1,850 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were purchased at an average cost of GBX 369 ($4.90) per share, with a total value 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.