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

Conduit (LON:CRE)‘s stock had its “buy” rating reaffirmed by equities research analysts at Berenberg Bank in a research note issued on Friday, Marketbeat.com reports. They currently have a GBX 765 price target on the stock. Berenberg Bank’s price target indicates a potential upside of 76.67% from the stock’s current price.

A number of other research analysts have also recently weighed in on the stock. Jefferies Financial Group reaffirmed a “buy” rating and issued a GBX 488 price objective on shares of Conduit in a report on Wednesday, September 9th. Peel Hunt restated a “buy” rating and set a GBX 530 target price on shares of Conduit in a research report on Thursday. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a GBX 450 price target on shares of Conduit in a report on Friday, July 31st. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of GBX 558.25.

Conduit Trading Up 3.1%

LON CRE traded up GBX 13 on Friday, hitting GBX 433. 261,687 shares of the company’s stock traded hands, compared to its average volume of 934,808. The firm’s 50-day moving average price is GBX 452.79 and its two-hundred day moving average price is GBX 445.85. The firm has a market capitalization of £606.38 million, a PE ratio of 3.21 and a beta of 0.58. Conduit has a 1-year low of GBX 320 and a 1-year high of GBX 485.50.

Insider Activity at Conduit

In related news, insider Neil David Eckert sold 43,958 shares of the company’s stock in a transaction dated Monday, September 21st. The shares were sold at an average price of GBX 473, for a total transaction of £207,921.34. 1.92% of the stock is owned by corporate insiders.

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. The outlook assigned to these ratings is stable.

Conduit Holdings Limited is the ultimate parent of Conduit Reinsurance Limited and is listed on the London Stock Exchange (ticker: CRE).