Conduit (LON:CRE) Stock Price Down 22% Following Analyst Downgrade

Key Points

• Conduit Holdings Limited saw a significant drop of 22% in its stock price on Wednesday, trading as low as GBX 296.39 ($3.93) from a previous close of GBX 384 ($5.09).
• Berenberg Bank has restated a "buy" rating with a price target of GBX 700 ($9.28), indicating potential recovery for investors.
• Insider Neil David Eckert purchased 1,850 shares of Conduit at an average price of GBX 369 ($4.89), suggesting confidence from company insiders amidst the stock's decline.

Conduit Holdings Limited (LON:CRE - Get Free Report) shares fell 22% during mid-day 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 traded 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 reiterated a "buy" rating and issued a GBX 700 ($9.29) price target on shares of Conduit in a research report on Wednesday, July 30th.

Insiders Place Their Bets

In related news, insider Neil David Eckert purchased 1,850 shares of the stock in a transaction on 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 ($9,064.53). 6.19% of the stock is owned by company insiders.

Conduit Stock Up 0.5%

The firm has a fifty day moving average price of GBX 378.14 and a 200 day moving average price of GBX 382.77. The company has a market cap of £626.26 million, a P/E ratio of 2.94 and a beta of 0.52.

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.