Campbell's (CPB) Shares Plunge 1.79% to Record Low

Campbell's (CPB) shares tumbled 1.79% today, marking the third consecutive day of decline, with a total drop of 6.14% over the past three days. The share price hit a record low today, with an intraday decline of 3.40%.

The strategy of buying CPB shares after they reached a recent low and holding for 1 week resulted in poor performance over the past 5 years. The strategy yielded a return of -26.85%, significantly underperforming the benchmark return of 2.30%. The excess return was -29.15%, and the CAGR was -34.08%, indicating substantial losses. The strategy also had a high maximum drawdown of -33.48% and a Sharpe ratio of -1.29, reflecting significant risk and negative returns.

Piper Sandler has adjusted its price target for Campbell's (CPB) from $45 to $42, while keeping an Overweight rating on the stock. This adjustment reflects a reassessment of the company's valuation and potential market performance, which can sway investor sentiment and impact the stock price.

Campbell's shares experienced a nearly 3% drop on Wednesday morning following the release of the company's quarterly results, which showed a decline in performance. Additionally, the company revised its full-year outlook downward, contributing to the negative market reaction and further influencing the stock price.