Carnival Sees Unusually Large Options Volume (NYSE:CCL)

Key Points

• Unusually high put activity: Traders bought 91,701 put options on Carnival on Thursday, roughly a 52% increase versus the average volume of 60,438 puts.
• Carnival shares traded down to $27.00 with intraday volume of about 13.86M (vs. avg 25.33M); the company has a market cap of $33.45B, a P/E of 11.98, and 50/200-day moving averages of $26.84/$28.30.
• Analyst and insider moves are mixed: consensus rating is "Moderate Buy" with an average price target of $33.99, while several firms trimmed targets and director Sir Jonathon Band sold 11,988 shares in early April.

Carnival Corporation (NYSE:CCL - Get Free Report) was the recipient of unusually large options trading activity on Thursday. Stock traders acquired 91,701 put options on the stock. This is an increase of approximately 52% compared to the average volume of 60,438 put options.

Carnival Stock Performance

Shares of CCL stock traded down $0.52 during trading hours on Thursday, hitting $27.00. The stock had a trading volume of 13,861,669 shares, compared to its average volume of 25,333,982. The firm has a market capitalization of $33.45 billion, a PE ratio of 11.98, a PEG ratio of 1.13 and a beta of 2.33. Carnival has a twelve month low of $19.90 and a twelve month high of $34.03. The stock's 50 day moving average is $26.84 and its 200 day moving average is $28.30. The company has a debt-to-equity ratio of 1.82, a current ratio of 0.30 and a quick ratio of 0.26.

Carnival (NYSE:CCL - Get Free Report) last issued its quarterly earnings results on Friday, March 27th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.18 by $0.02. Carnival had a return on equity of 26.92% and a net margin of 11.48%.The firm had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.13 billion. During the same period last year, the company earned $0.13 EPS. The firm's quarterly revenue was up 6.1% on a year-over-year basis. As a group, research analysts forecast that Carnival will post 2.23 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently commented on CCL. Truist Financial decreased their price target on shares of Carnival from $34.00 to $30.00 and set a "hold" rating on the stock in a report on Tuesday, March 24th. Susquehanna lowered their target price on shares of Carnival from $40.00 to $30.00 and set a "positive" rating on the stock in a research note on Monday, March 23rd. Weiss Ratings raised shares of Carnival from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, March 30th. Wall Street Zen cut shares of Carnival from a "buy" rating to a "hold" rating in a research report on Saturday, March 28th. Finally, Wells Fargo & Company lowered their price target on shares of Carnival from $37.00 to $36.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 15th. Twenty-one equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Carnival currently has a consensus rating of "Moderate Buy" and an average price target of $33.99.

Insider Buying and Selling at Carnival

In related news, Director Sir Jonathon Band sold 11,988 shares of Carnival stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $26.19, for a total transaction of $313,965.72. Following the completion of the sale, the director owned 52,601 shares of the company's stock, valued at approximately $1,377,620.19. This trade represents a 18.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 7.90% of the company's stock.

Institutional Investors Weigh In On Carnival

Several large investors have recently added to or reduced their stakes in CCL. BOCHK Asset Management Ltd acquired a new position in shares of Carnival in the 4th quarter valued at $25,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of Carnival in the third quarter worth $25,000. Lloyd Advisory Services LLC. bought a new stake in shares of Carnival during the 4th quarter worth $26,000. Newbridge Financial Services Group Inc. lifted its position in Carnival by 381.0% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 962 shares of the company's stock worth $29,000 after acquiring an additional 762 shares during the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC boosted its holdings in Carnival by 182.0% during the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 1,021 shares of the company's stock valued at $30,000 after acquiring an additional 659 shares during the period. 67.19% of the stock is owned by institutional investors and hedge funds.

Carnival Company Profile

Carnival Corporation NYSE: CCL is a global cruise operator that provides leisure travel services through a portfolio of passenger cruise brands. The company's core business is operating cruise ships that offer multi-night voyages and associated vacation services, including onboard accommodations, dining, entertainment, spa and wellness offerings, casinos, youth programs, and organized shore excursions. Carnival markets cruise vacations to a broad range of consumers, from value-focused travelers to premium and luxury segments, through differentiated brand positioning and onboard experiences.

Its operating structure comprises multiple well-known cruise brands that target distinct geographic and demographic markets.

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