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Conduit (LON:CRE) Stock Price Down 20.2% - Time to Sell?

Conduit logo with Financial Services background

Key Points

  • Conduit Holdings Limited's share price plummeted 20.2%, trading at GBX 306.50 ($4.09) amidst an increase in trading volume by 632% from its average daily shares.
  • Berenberg Bank maintained a "buy" rating for Conduit while setting a price target of GBX 700 ($9.35), indicating a potential upside despite the recent drop.
  • Insider Neil David Eckert purchased 1,850 shares at GBX 369 ($4.93), highlighting confidence from insiders, who own 6.19% of the stock.
  • MarketBeat previews top five stocks to own in September.

Conduit Holdings Limited (LON:CRE - Get Free Report) traded down 20.2% during mid-day trading on Wednesday . The company traded as low as GBX 306.50 ($4.07) and last traded at GBX 306.50 ($4.07). 6,496,419 shares were traded during trading, an increase of 632% from the average session volume of 887,388 shares. The stock had previously closed at GBX 384 ($5.10).

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. 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. Royal Bank Of Canada reduced their price target 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.

Get Our Latest Report on Conduit

Conduit Trading Up 1.6%

The company has a market cap of £623.25 million, a price-to-earnings ratio of 2.92 and a beta of 0.52. The firm's fifty day simple moving average is GBX 378.14 and its 200 day simple moving average is GBX 383.79.

Insider Activity

In related news, insider Neil David Eckert bought 1,850 shares of the company'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). Insiders own 6.19% of the company's stock.

About Conduit

(Get Free Report)

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.

Further Reading

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