Is Carnival Corporation & plc (NYSE) Bullish Or Bearish In 2023?

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Carnival Corporation & plc (NYSE:CUK) shares, rose in value on Thursday, June 15, with the stock price up by 1.93% to the previous day’s close as strong demand from buyers drove the stock to $14.25.

Actively observing the price movement in the recent trading, the stock is buoying the session at $13.98, falling within a range of $13.65 and $14.14. The value of beta (5-year monthly) is 2.22. Referring to stock’s 52-week performance, its high was $14.14, and the low was $5.43. On the whole, CUK has fluctuated by 54.39% over the past month.

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With the market capitalization of Carnival Corporation & plc currently standing at about $19.11 billion, investors are eagerly awaiting this quarter’s results, scheduled for Dec 18, 2020 – Dec 22, 2020.

Analysts have estimated the company’s revenue for the quarter at $20.42 billion, with a low estimate of $20.42 billion and a high estimate of $20.42 billion. According to the average forecast, sales growth in current quarter could jump up 67.80%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2024, the company’s y-o-y revenues would reach $20.42 billion, representing an increase of 67.80% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that CUK’s technical picture suggests that short-term indicators denote the stock is a 100% Buy on average. However, medium term indicators have put the stock in the category of 100% Buy while long term indicators on average have been pointing out that it is a 100% Buy.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of CUK currently trading nearly 30.89% and 48.22% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 84.74, while the 7-day volatility ratio is showing 4.60% which for the 30-day chart, stands at 4.26%. Furthermore, Carnival Corporation & plc (CUK)’s beta value is 2.26, and its average true range (ATR) is 0.52.

A comparison of Carnival Corporation & plc (CUK) with its peers suggests the former has fared considerably weaker in the market. CUK showed an intraday change of 1.93% in today’s session so far, and over the past year, it grew by 63.98%%. In comparison, Marriott International Inc. (MAR) has moved lower at -2.84% today and is up 15.82% over the past 12 months. On the other hand, the price of Carnival Corporation & plc (CCL) has risen 2.08% today. The stock, however, is off 67.28% from where it was a year ago. Additionally, there is a gain of 0.55% for Norwegian Cruise Line Holdings Ltd. (NCLH) in recent trading while the stock has seen an overall depriciation of 74.51%% over the past year. Other than that, the overall performance of the S&P 500 during the today’s session so far shows that it gained 0.85%. Meanwhile, the Dow Jones Industrial Improved by 1.09%.

Data on historical trading for Carnival Corporation & plc (NYSE:CUK) indicates that the trading volumes over the past 10 days have averaged 1.95 million and over the past 3 months, they’ve averaged 1.93 million. According to company’s latest data on outstanding shares, there are 1.18 billion shares outstanding.

Nearly 0.10% of Carnival Corporation & plc’s shares belong to company insiders and institutional investors own 20.80% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 3.39 million shares as on May 30, 2023, resulting in a short ratio of 2.02. According to the data, the short interest in Carnival Corporation & plc (CUK) stood at 0.26% of shares outstanding as of May 30, 2023; the number of short shares registered in Apr 27, 2023 reached 4.3 million. The stock has risen by 98.19% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the CUK stock heading into the next quarter.