The stock of Carnival Corporation & Plc (NYSE:CCL) is now priced at $16.48 and the shares are -0.73 points down or -4.24% lower compared to its previous closing price of $17.21. The stock had 43.772 million contracts set over the past session. CCL shares’ daily volume is compared to its average trading volume at 42.73 million shares. However, it has a float of 607 million and although its performance was 2.11% over the week, it’s one to watch. Analysts have given the CCL stock a yearly average price target of $15.34 per share. It means the stock’s downside potential is -6.92% with the CCL share price recently placing at $16.47 to $17.34. However, some brokerage firms have priced the stock below the average, including one that has called $9.93.
The shorts are running away from the Carnival Corporation & Plc stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the CCL shares have declined. Short interest in the stock represents just 13.93% of its float, but the volume has dropped by 0.
In the last trading session, Carnival Corporation & Plc (NYSE:CCL) raised by $0.34 over the week and gained $3.41 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $51.94. The stock recorded its established 52-week high on 01/17/20.
Since 04/02/20, the stock has traded to a low of $7.8 at 111.28%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.94. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Carnival Corporation & Plc’s two-week RSI is 57.23. This suggests that the stock is neutral at the moment and that CCL shares’ price movement remains stable. The stochastic readings are equally revealing at 82.15% meaning the CCL share price is currently in oversold territory.
The technical chart shows that the CCL stock will likely settle at between $17.06 and $17.63 per share. However, if the stock dips below $16.19, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $15.89.
Currently, the stock is trading in the green of MACD, with a reading of 0.95. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at HSBC Securities cut their recommendation for CCL from Buy to Hold in July 21 review. SunTrust analysts downgraded their recommendation of the stock from Hold to Sell while keeping its target price at $10 in a flash note released to investors on July 14. Macquarie seeing the stock struggling downgraded it from Outperform to Neutral on July 14 placing it at $27 to $18.
The average rating for the CCL equity is 2.95 and is currently gathering a bullish momentum. Of 18 analysts tracking Carnival Corporation & Plc polled by Reuters, 13 rated CCL as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (2) rated it as a buy or strong buy. 3 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Carnival Corporation & Plc (NYSE:CCL) will decrease by about -88.1%, which will see them reach $88.06 million. The company’s full-year revenues are, however, expected to diminish by about -69.6%, down from $20800 million to $6330 million. CCL’s expected adjusted earnings should drop almost -183.27% to end up at -$2.19 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -265.45% to record -$7.28/share.