Berenberg Bank Reaffirms “Buy” Rating for Conduit (LON:CRE)

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

Conduit Stock Performance

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

Insider Buying and Selling

In other news, insider Trevor Carvey purchased 10,000 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were acquired at an average cost of GBX 384 ($4.97) per share, for a total transaction 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 shares were bought at an average cost of GBX 364 ($4.71) per share, for a total transaction of £116,174.24 ($150,212.36). Insiders own 6.19% of the company’s stock.

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.