Carnival Sees Unusually High Options Volume (NYSE:CCL)

19 Dec 2025, 12:23 by Jessica Moore · The Cerbat Gem

Carnival Corporation (NYSE:CCL – Get Free Report) was the recipient of some unusual options trading on Friday. Investors acquired 83,275 call options on the company. This represents an increase of 59% compared to the average volume of 52,391 call options.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of Carnival from $34.00 to $39.00 and gave the stock an “overweight” rating in a report on Monday, September 15th. Jefferies Financial Group boosted their price objective on Carnival from $34.00 to $37.00 and gave the stock a “buy” rating in a research note on Monday. Wall Street Zen downgraded shares of Carnival from a “buy” rating to a “hold” rating in a research report on Saturday, October 4th. Argus reduced their price objective on Carnival from $40.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday, September 30th. Finally, Morgan Stanley boosted their target price on Carnival from $30.00 to $32.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, Carnival currently has an average rating of “Moderate Buy” and a consensus target price of $34.00.

View Our Latest Analysis on Carnival

Institutional Trading of Carnival

Several hedge funds have recently bought and sold shares of the stock. Ethic Inc. grew its stake in shares of Carnival by 27.6% during the 1st quarter. Ethic Inc. now owns 30,224 shares of the company’s stock worth $586,000 after acquiring an additional 6,537 shares in the last quarter. American Century Companies Inc. raised its holdings in Carnival by 23.3% during the first quarter. American Century Companies Inc. now owns 1,891,481 shares of the company’s stock worth $36,941,000 after acquiring an additional 356,899 shares in the last quarter. Raymond James Financial Inc. boosted its position in Carnival by 9.9% during the first quarter. Raymond James Financial Inc. now owns 956,064 shares of the company’s stock valued at $18,672,000 after purchasing an additional 85,782 shares during the last quarter. Northern Trust Corp grew its stake in Carnival by 16.8% in the first quarter. Northern Trust Corp now owns 12,425,707 shares of the company’s stock valued at $242,674,000 after purchasing an additional 1,787,015 shares in the last quarter. Finally, Korea Investment CORP increased its position in shares of Carnival by 2.5% during the 1st quarter. Korea Investment CORP now owns 1,117,897 shares of the company’s stock worth $21,833,000 after purchasing an additional 26,988 shares during the last quarter. 67.19% of the stock is currently owned by institutional investors and hedge funds.

Carnival Trading Up 8.4%

NYSE:CCL traded up $2.38 during trading hours on Friday, hitting $30.72. The stock had a trading volume of 39,906,263 shares, compared to its average volume of 22,880,762. The business’s 50 day moving average is $27.20 and its 200-day moving average is $28.25. The company has a debt-to-equity ratio of 2.10, a quick ratio of 0.30 and a current ratio of 0.34. The company has a market cap of $35.87 billion, a price-to-earnings ratio of 16.02, a P/E/G ratio of 0.52 and a beta of 2.53. Carnival has a one year low of $15.07 and a one year high of $32.80.

Carnival (NYSE:CCL – Get Free Report) last announced its quarterly earnings results on Friday, December 19th. The company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.09. Carnival had a net margin of 10.07% and a return on equity of 27.86%. The company had revenue of $6.33 billion during the quarter, compared to analyst estimates of $6.38 billion. During the same quarter in the previous year, the business earned $0.14 EPS. The firm’s revenue was up 6.6% on a year-over-year basis. Carnival has set its Q1 2026 guidance at 0.170-0.170 EPS and its FY 2026 guidance at 2.480-2.48 EPS. Sell-side analysts anticipate that Carnival will post 1.77 EPS for the current fiscal year.

Key Stores Impacting Carnival

Here are the key news stories impacting Carnival this week:

Positive Sentiment: Carnival restored its dividend and highlighted strong pricing and bookings trends — key signals that free cash flow and capital allocation are improving. Carnival’s stock will pay a dividend again — and other earnings highlights
Positive Sentiment: Carnival proposed unifying its dual-listed structure into a single NYSE‑listed entity (solo listing) — a governance move investors typically reward for reducing complexity and widening the shareholder base. Carnival makes splash with dividend return and single NYSE-listed share plan
Positive Sentiment: Company raised FY‑2026 EPS guidance to $2.48 (vs. consensus ~$2.41) — an upward revision that underpins better-than-expected profitability and supports valuation. Carnival Corp forecasts annual profit above estimates
Positive Sentiment: Carnival reported record 2025 net income and said bookings, pricing and credit profile improved — fundamentals that justify the dividend and a higher multiple. Carnival Posts Record 2025 Profits, Restores Dividend
Positive Sentiment: Several sell‑side firms reiterated Buy ratings and bullish commentary, reinforcing investor confidence after the print. William Blair reiterates Buy on Carnival
Neutral Sentiment: Q4 EPS came in at $0.23, missing consensus by $0.01 and revenue was slightly under estimates — a mixed quarter that tempered the upside but didn’t derail the positive narrative. Carnival press release (Q4 results)
Neutral Sentiment: Q1 FY‑2026 guidance was trimmed to $0.17 vs. consensus $0.18 — a small near‑term miss that investors appear willing to overlook given the stronger full‑year guide. CCL earnings commentary
Negative Sentiment: Management flagged rising costs and ongoing macro/consumer risks; cost pressure could limit margin upside if sustained. This is the main caution investors are weighing with the upbeat headlines. Carnival to report Q4 results amid strong demand and rising costs

About Carnival

(Get Free Report)

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.