CCL Stock Sunk Over 4% in 24 hours, Will it Survive the Fall?

Carnival Corporation is ranked the 94th largest public company in America.
Micky Arison, the founder of Carnival Corporation, ranked the 446th richest businessman globally.

Carnival Corporation(NYSE: CCL) is a global cruise company that operates a portfolio of leading cruise lines. The company operates a diverse fleet of cruise ships, including Carnival Cruise Line, Holland America Line, Princess Cruises, and Seabourn.

CCL Stock was trading at $11.60 with an average volume of 40.94M (at the press time). CCL’s price fell by over 4% (in the last 24 hours) and lost -0.61 USD compared to its closed price on February 16, 2023. It is observed that CCL lost more than 45% of its stock price in the last 1 year.

CCL Stock jumped over 9.85% in the last 6 months. The yearly trading range is between $6.11-$23.18, meaning the CCL stock lowest traded at $6.11 and had the highest trade at $23.18. Carnival Corp has a total market capitalization of 14.41B USD.

Carnival Corporation has a strategic partnership with Costa Crociere, which allows the company to expand its reach into the European market. Carnival has been hit hard by the COVID-19 pandemic as it paused all cruise operations globally in 2020, and it is still facing some restrictions due to safety measures.

As a result, the company’s revenue has decreased significantly. However, the company has announced plans to resume its fleet of cruises in a phased manner as the situation improves. It has also implemented various measures to mitigate the impact of the pandemic, such as cost-cutting and raising funds through various means.

More than 50 institutional holders are holding the shares of CCL; some major holders are Alliancebernstein L.P., Public Employees Retirement System of Ohio, Utah Retirement Systems, Legal & General Group Plc, Norges Bank, and several others.

Income Statement

In the first quarter of 2022, CCL Corp.’s total revenue was $1.26B; its net income was -1.89B USD. The revenue in the second quarter increased and was recorded at $2.40B from a net income of -1.83B USD.

The third quarter revenue was $4.30B. The net income was -770.00M USD, and in the fourth quarter, revenue was 3.84B, from which net income was -1.60B USD.CCL employs 85,000+ people in its projects.

Technical Levels

Support Level: $6.67 and $7.94

Resistance Level: $11.27 and $12.05

Conclusion

Carnival Corporation has taken a big hit due to the pandemic but can see a strong comeback soon. CCL stock price is currently in a consolidated trend but can see a new high in the future.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.