Prudential (LON:PRU) Shares Down 6.4% – Here’s Why

Prudential plc (LON:PRU) dropped 6.4% on Wednesday . The company traded as low as GBX 949.40 and last traded at GBX 1,025. Approximately 20,211,518 shares traded hands during mid-day trading, an increase of 44% from the average daily volume of 14,004,230 shares. The stock had previously closed at GBX 1,095.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. boosted their price target on shares of Prudential from GBX 1,450 to GBX 1,480 and gave the stock an “overweight” rating in a research note on Wednesday, April 22nd. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of GBX 1,379.

Prudential Stock Performance

The firm has a fifty day simple moving average of GBX 1,038.09 and a two-hundred day simple moving average of GBX 1,094. The firm has a market cap of £25.57 billion, a PE ratio of 6.68, a PEG ratio of 0.40 and a beta of 0.90.

Insiders Place Their Bets

In other Prudential news, insider Douglas Flint bought 12,500 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was purchased at an average cost of GBX 959 per share, with a total value of £119,875. Also, insider Anil Wadhwani purchased 36 shares of Prudential stock in a transaction that occurred on Monday, May 11th. The stock was acquired at an average price of GBX 1,139 per share, for a total transaction of £410.04. Over the last three months, insiders purchased 24,536 shares of company stock valued at $23,860,504. 0.48% of the stock is currently owned by insiders.

Prudential Company Profile

Prudential plc provides life and health insurance and asset management in 24 markets across Asia and Africa. Prudential’s mission is to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions. The business has dual primary listings on the Stock Exchange of Hong Kong (2378) and the London Stock Exchange (PRU). It also has a secondary listing on the Singapore Stock Exchange (K6S) and a listing on the New York Stock Exchange (PUK) in the form of American Depositary Receipts.