Royal Bank Of Canada Lowers Conduit (LON:CRE) Price Target to GBX 300

Conduit (LON:CRE) had its price objective dropped by Royal Bank Of Canada from GBX 400 ($5.31) to GBX 300 ($3.98) in a note issued to investors on Thursday, Marketbeat reports. The firm presently has a “sector perform” rating on the stock. Royal Bank Of Canada’s target price would indicate a potential downside of 3.23% from the company’s previous close.

Separately, Berenberg Bank reaffirmed a “buy” rating and issued a GBX 700 ($9.29) target price on shares of Conduit in a report on Wednesday.

Conduit Trading Up 1.6%

LON CRE opened at GBX 310 ($4.11) on Thursday. Conduit has a 1 year low of GBX 296.39 ($3.93) and a 1 year high of GBX 549.74 ($7.30). The firm has a market capitalization of £623.25 million, a price-to-earnings ratio of 2.92 and a beta of 0.52. The firm’s 50 day simple moving average is GBX 378.14 and its 200 day simple moving average is GBX 383.79.

Insider Activity at Conduit

In related news, insider Neil David Eckert purchased 1,850 shares of Conduit stock in a transaction dated Friday, May 16th. The shares were bought at an average cost 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.

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.