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

Key Points

• Conduit Holdings Limited (LON:CRE) saw a significant drop of 20.2% in stock price, trading down to GBX 306.50 ($4.09) with a remarkable increase in trading volume at 6.5 million shares.
• Berenberg Bank maintains a "buy" rating for Conduit, setting a price target of GBX 700 ($9.35), despite the recent downturn in stock price.
• Insider Neil David Eckert purchased 1,850 shares at an average price of GBX 369 ($4.93) per share, reflecting confidence in the company's future.

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

Analyst Upgrades and Downgrades

CRE has been the topic of several analyst reports. Berenberg Bank reaffirmed a "buy" rating and set a GBX 700 ($9.29) price target on shares of Conduit in a research note 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 research note on Thursday.

Conduit Price Performance

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

Insider Buying and Selling

In other news, insider Neil David Eckert purchased 1,850 shares of Conduit stock in a transaction dated Friday, May 16th. The stock was bought 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 corporate insiders.

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.