Conduit (LON:CRE) Stock Price Down 20.5% - Time to Sell?

Key Points

• Conduit Holdings Limited's share price dropped by 20.5% during mid-day trading, falling to GBX 305.33 ($4.08) from a previous close of GBX 384 ($5.13).
• Berenberg Bank maintained a "buy" rating for Conduit, setting a price target of GBX 700 ($9.35) for the stock.
• Insider Neil David Eckert purchased 1,850 shares of the company at GBX 369 ($4.93), indicating confidence from company insiders amid the stock price downturn.

Conduit Holdings Limited (LON:CRE - Get Free Report)'s share price dropped 20.5% during mid-day trading on Wednesday . The stock traded as low as GBX 300 ($3.98) and last traded at GBX 305.33 ($4.05). Approximately 9,451,662 shares changed hands during trading, an increase of 941% from the average daily volume of 907,594 shares. The stock had previously closed at GBX 384 ($5.10).

Wall Street Analysts Forecast Growth

CRE has been the subject of several analyst reports. Royal Bank Of Canada lowered 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. Berenberg Bank restated a "buy" rating and set a GBX 700 ($9.29) price target on shares of Conduit in a report on Wednesday.

Conduit Price Performance

The firm has a market capitalization of £623.25 million, a PE ratio of 2.92 and a beta of 0.52. The company'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 at Conduit

In related news, insider Neil David Eckert purchased 1,850 shares of the firm'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). 6.19% of the stock is currently owned by corporate 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.