Cannae (NYSE:CNNE) Hits New 52-Week Low – Here’s Why

Cannae Holdings, Inc. (NYSE:CNNE)’s stock price reached a new 52-week low on Tuesday . The stock traded as low as $13.18 and last traded at $13.0850, with a volume of 33781 shares changing hands. The stock had previously closed at $13.29.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CNNE. Royal Bank Of Canada cut their price objective on Cannae from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Wednesday, November 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cannae in a research note on Friday, January 9th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $20.50.

Cannae Price Performance

The firm’s 50 day simple moving average is $15.44 and its two-hundred day simple moving average is $17.12. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.03 and a quick ratio of 2.03. The firm has a market capitalization of $648.28 million, a P/E ratio of -1.70 and a beta of 1.09.

Institutional Trading of Cannae

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Carronade Capital Management LP raised its position in Cannae by 5.7% during the 2nd quarter. Carronade Capital Management LP now owns 3,189,027 shares of the company’s stock valued at $66,491,000 after purchasing an additional 173,380 shares during the last quarter. Pacific Capital Partners Ltd purchased a new position in shares of Cannae during the third quarter valued at approximately $1,419,000. Permanent Capital Management LP bought a new position in shares of Cannae during the third quarter valued at approximately $897,000. River Road Asset Management LLC raised its holdings in shares of Cannae by 0.9% during the second quarter. River Road Asset Management LLC now owns 4,719,243 shares of the company’s stock valued at $100,897,000 after acquiring an additional 40,367 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Cannae by 1.9% in the second quarter. Geode Capital Management LLC now owns 1,347,741 shares of the company’s stock worth $28,104,000 after acquiring an additional 24,902 shares during the period. Institutional investors own 88.12% of the company’s stock.

About Cannae

Cannae Holdings, Inc (NYSE: CNNE) is a publicly traded diversified holding company that focuses on partnering with and investing in businesses across a range of industry sectors. The company seeks to identify attractive opportunities in both private and public markets, leveraging its capital resources and management expertise to support operational growth and value creation. Cannae’s investment strategy emphasizes companies in data and analytics, marketing services, healthcare technology, and payment processing.

Through its portfolio, Cannae holds controlling or significant minority stakes in companies that provide critical software, data and services to corporate clients.