Conduit (LON:CRE) Stock Price Down 22% - Should You Sell?

Key Points

• Conduit Holdings Limited saw its share price drop by 22%, trading as low as GBX 296.39, following a closing price of GBX 384.
• Despite the decline, Berenberg Bank has maintained a "buy" rating and set a target price of GBX 700 for the stock.
• Insider Neil David Eckert purchased 1,850 shares at GBX 369, suggesting confidence in the company's future performance.

Conduit Holdings Limited (LON:CRE - Get Free Report) shares were down 22% during mid-day trading on Wednesday . The stock traded as low as GBX 296.39 ($3.93) and last traded at GBX 299.50 ($3.98). Approximately 6,725,274 shares traded hands during mid-day trading, an increase of 657% from the average daily volume of 888,956 shares. The stock had previously closed at GBX 384 ($5.10).

Analysts Set New Price Targets

Several research analysts have commented on the stock. Berenberg Bank reiterated a "buy" rating and issued a GBX 700 ($9.29) target price on shares of Conduit in a report on Wednesday. Royal Bank Of Canada decreased their target price 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.

Conduit Stock Up 1.6%

The company has a market cap of £623.25 million, a P/E ratio of 2.92 and a beta of 0.52. The stock's 50-day moving average price is GBX 378.14 and its 200 day moving average price is GBX 383.79.

Insider Transactions at Conduit

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 acquired at an average price of GBX 369 ($4.90) per share, with a total value of £6,826.50 ($9,060.92). Company insiders own 6.19% of the company's stock.

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.