Carnival Corp. (NYSE: CCL): Stock Forecast For 2024 Remains Weak With A Downward Revision Of 35.3%

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In the last trading session, 60.05 million shares of the Carnival Corp. (NYSE:CCL) were traded, and its beta was 2.56. Most recently the company’s share price was $16.34, and it changed around -$0.85 or -4.94% from the last close, which brings the market valuation of the company to $20.66B. CCL currently trades at a discount to its 52-week high of $19.74, offering almost -20.81% off that amount. The share price’s 52-week low was $8.70, which indicates that the current value has risen by an impressive 46.76% since then. We note from Carnival Corp.’s average daily trading volume that its 10-day average is 45.18 million shares, with the 3-month average coming to 32.06 million.

Carnival Corp. stock received a consensus recommendation rating of Buy, based on a mean score of 1.69. If we narrow it down even further, the data shows that 3 out of 22 analysts rate the stock as a Sell; another 8 rate it as Overweight. Among the rest, 2 recommended CCL as a Hold, whereas 9 deemed it a Buy, and 0 rated it as Underweight. Carnival Corp. is expected to report earnings per share of -$0.01 for the current quarter.

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Carnival Corp. (NYSE:CCL) trade information

Instantly CCL has showed a red trend with a performance of -4.94% at the end of last trading. The performance over the last five days has remained in the red territory. The company’s shares are currently down -11.87% year-to-date, but still down -4.00% over the last five days. On the other hand, Carnival Corp. (NYSE:CCL) is 5.62% up in the 30-day period. We can see from the shorts that 92.5 million shares have been sold at a short interest cover period of 3.23 day(s).

The consensus price target as assigned by Wall Street analysts is $22.55, which translates to bulls needing to increase their stock price by 27.54% from its current value. Analyst projections state that CCL is forecast to be at a low of $10 and a high of $38.

Carnival Corp. (CCL) estimates and forecasts

Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 96.80% in revenue this quarter, and will report an increase of 26.70% in the next quarter. The year-over-year growth rate is expected to be 13.90%, up from the previous year.

Consensus estimates provided by 16 financial analysts predict the company will bring in an average of $5.68 billion in revenue for the current quarter. 16 analysts expect Carnival Corp. to make $7.75 billion in revenue for the quarter ending Aug 2024.

CCL Dividends

Carnival Corp.’s next quarterly earnings report is expected to be released around June 24 and June 28.

Carnival Corp. (NYSE:CCL)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 7.85% of Carnival Corp. shares, and 60.53% of them are in the hands of institutional investors. The stock currently has a share float of 65.69%. Carnival Corp. stock is held by 1,093 institutions, with Vanguard Group Inc being the largest institutional investor. By Dec 30, 2023, it held 10.11% of the shares, which is about 113.16 million shares worth $1.85 billion.

Blackrock Inc., with 5.74% or 64.21 million shares worth $1.05 billion as of Dec 30, 2023, holds the second largest percentage of outstanding shares.

Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund were the top two Mutual Funds as of Dec 30, 2023. The former held 31.55 million shares worth $515.5 million, making up 2.82% of all outstanding shares. On the other hand, Vanguard 500 Index Fund held roughly 24.61 million shares worth around $402.08 million, which represents about 2.20% of the total shares outstanding.