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

Key Points

• Conduit Holdings Limited shares dropped by 22% during mid-day trading on Thursday, falling to GBX 296.39 ($3.93) from a previous close of GBX 384 ($5.09).
• Analysts at Berenberg Bank have maintained a "buy" rating for Conduit, along with a target price of GBX 700 ($9.28).
• Insider Neil David Eckert purchased 1,850 shares at GBX 369 ($4.89), increasing the total insider ownership to 6.19%.

Conduit Holdings Limited (LON:CRE - Get Free Report)'s stock price was 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). Approximately 6,725,274 shares changed 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).

Separately, Berenberg Bank reaffirmed a "buy" rating and set a GBX 700 ($9.29) target price on shares of Conduit in a research report on Wednesday, July 30th.

Insider Buying and Selling

In related news, insider Neil David Eckert bought 1,850 shares of the firm's stock in a transaction on Friday, May 16th. The stock was bought 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 currently owned by insiders.

Conduit Stock Up 0.3%

The firm has a market capitalization of £624.84 million, a price-to-earnings ratio of 2.93 and a beta of 0.52. The company has a 50-day moving average price of GBX 378.14 and a 200-day moving average price of GBX 382.77.

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.