Conduit (LON:CRE) Trading Down 22% After Analyst Downgrade

Key Points

• Conduit Holdings Limited experienced a significant share price drop of 22%, closing at GBX 299.50 ($3.97) as heavy trading surged to 6.7 million shares, well above average volume.
• Despite the downturn, Berenberg Bank maintained a "buy" rating with a price target of GBX 700 ($9.28) for Conduit, indicating anticipated growth.
• Insider Neil David Eckert purchased 1,850 shares at GBX 369 ($4.89) each recently, highlighting insider confidence as they own 6.19% of the company's stock.

Shares of Conduit Holdings Limited (LON:CRE - Get Free Report) traded down 22% during trading on Thursday after Royal Bank Of Canada lowered their price target on the stock from GBX 400 to GBX 300. Royal Bank Of Canada currently has a sector perform rating on the stock. Conduit traded as low as GBX 296.39 ($3.94) and last traded at GBX 299.50 ($3.98). 6,725,274 shares changed hands during trading, an increase of 657% from the average session volume of 888,956 shares. The stock had previously closed at GBX 384 ($5.10).

Separately, 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, July 30th.

Insider Transactions at Conduit

In other Conduit news, insider Neil David Eckert acquired 1,850 shares of the company's stock in a transaction dated Friday, May 16th. The shares were acquired at an average cost of GBX 369 ($4.90) per share, with a total value of £6,826.50 ($9,064.53). Insiders own 6.19% of the company's stock.

Conduit Price Performance

The stock's fifty day moving average is GBX 378.14 and its 200-day moving average is GBX 382.77. The stock has a market capitalization of £624.84 million, a PE ratio of 2.93 and a beta of 0.52.

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.