Cannae Holdings (CNNE) Soars 1.12% on RBC Price Target Hike

Cannae Holdings (CNNE) shares surged 1.12% today, marking the fourth consecutive day of gains, with a total increase of 3.79% over the past four days. The stock price reached its highest level since December 2024, with an intraday gain of 1.87%.

The strategy of buying CNNE shares after they reached a recent high and selling them one week later delivered moderate returns but underperformed the benchmark significantly. The strategy’s CAGR was 4.63%, trailing the benchmark by 100%. While the strategy had a maximum drawdown of 0%, it exhibited high volatility, with a Sharpe ratio of 0.16 and a 29.32% peak-to-trough drawdown. This suggests that while the strategy avoided losses, its returns were largely driven by short-term market fluctuations.

RBC Capital's recent adjustments to its price target for Cannae Holdings have significantly influenced the stock's performance. Initially, the price target was lowered from $24 to $22, but it was subsequently raised to $26. This upward revision reflects RBC Capital's positive outlook on the company's prospects, particularly in anticipation of its second-quarter results. The adjustment also aligns with broader market performance expectations, suggesting a potential upside for Cannae Holdings.