Conduit (LON:CRE) Receives Buy Rating from Berenberg Bank

Conduit (LON:CRE)‘s stock had its “buy” rating reiterated by Berenberg Bank in a note issued to investors on Monday,London Stock Exchange reports. They currently have a GBX 700 ($9.05) target price on the stock. Berenberg Bank’s target price would suggest a potential upside of 110.84% from the stock’s previous close.

Conduit Price Performance

Conduit stock traded down GBX 21.50 ($0.28) during trading hours on Monday, reaching GBX 332 ($4.29). The stock had a trading volume of 4,666,120 shares, compared to its average volume of 1,033,127. The company has a market cap of £667.48 million, a price-to-earnings ratio of 3.13 and a beta of 0.52. Conduit has a 52 week low of GBX 316 ($4.09) and a 52 week high of GBX 549.74 ($7.11). The business’s 50 day moving average price is GBX 411.60 and its 200-day moving average price is GBX 468.96.

Insider Activity at Conduit

In other news, insider Trevor Carvey bought 10,000 shares of Conduit stock in a transaction on Friday, February 21st. The stock was acquired at an average price of GBX 384 ($4.97) per share, with a total value of £38,400 ($49,650.89). Also, insider Neil David Eckert purchased 31,916 shares of the stock in a transaction dated Tuesday, March 25th. The stock was purchased at an average cost of GBX 364 ($4.71) per share, for a total transaction of £116,174.24 ($150,212.36). 6.19% of the stock is currently owned by insiders.

About Conduit

Conduit Re is a pure play global reinsurance business based in Bermuda. 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.