Royal Bank Of Canada Has Lowered Expectations for Conduit (LON:CRE) Stock Price

Key Points

• The Royal Bank of Canada has lowered its price target for Conduit (LON:CRE) from GBX 400 ($5.30) to GBX 300 ($3.98), indicating a potential downside of 1.44% from the current price.
• Berenberg Bank has issued a "buy" rating for Conduit with a target price of GBX 700 ($9.28), suggesting a more optimistic outlook compared to Royal Bank of Canada.
• Conduit stock opened at GBX 304.38 ($4.04), with recent insider trading indicating confidence as insider Neil David Eckert purchased 1,850 shares at GBX 369 per share.

Conduit (LON:CRE - Free Report) had its price target cut by Royal Bank Of Canada from GBX 400 ($5.31) to GBX 300 ($3.98) in a research report sent to investors on Thursday, Marketbeat.com reports. They currently have a sector perform rating on the stock.

Separately, Berenberg Bank reiterated a "buy" rating and issued a GBX 700 ($9.29) price objective on shares of Conduit in a research note on Wednesday.

Conduit Stock Performance

Shares of LON CRE traded up GBX 5 ($0.07) during mid-day trading on Thursday, reaching GBX 310 ($4.11). The company had a trading volume of 1,491,503 shares, compared to its average volume of 896,718. The stock has a fifty day moving average of GBX 378.14 and a two-hundred day moving average of GBX 383.30. Conduit has a 12-month low of GBX 296.39 ($3.93) and a 12-month high of GBX 549.74 ($7.30). The company has a market capitalization of £623.25 million, a price-to-earnings ratio of 2.92 and a beta of 0.52.

Insider Activity

In related news, insider Neil David Eckert purchased 1,850 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was bought at an average price of GBX 369 ($4.90) per share, for a total transaction 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.