Conduit (LON:CRE) Shares Cross Above 50-Day Moving Average – Here’s Why

Shares of Conduit Holdings Limited (LON:CRE) passed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of GBX 452.42 and traded as high as GBX 457. Conduit shares last traded at GBX 457, with a volume of 2,149,528 shares trading hands.

Wall Street Analyst Weigh In

CRE has been the topic of several recent analyst reports. Jefferies Financial Group reaffirmed a “buy” rating and set a GBX 488 price target on shares of Conduit in a research report on Wednesday, September 9th. Berenberg Bank reissued a “buy” rating and issued a GBX 765 price objective on shares of Conduit in a report on Friday, October 9th. Royal Bank Of Canada reissued a “sector perform” rating and issued a GBX 450 target price on shares of Conduit in a research note on Friday, July 31st. Finally, Peel Hunt restated a “buy” rating and set a GBX 530 target price on shares of Conduit in a report on Thursday, October 8th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of GBX 558.25.

Conduit Stock Performance

The company has a market capitalization of £642.79 million, a P/E ratio of 3.40 and a beta of 0.58. The stock’s fifty day moving average price is GBX 452.42 and its 200-day moving average price is GBX 438.

Insiders Place Their Bets

In other Conduit news, insider Neil David Eckert sold 43,958 shares of the company’s stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of GBX 473, for a total value of £207,921.34. 1.92% of the stock is currently owned by company 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).