Carnival (NYSE:CUK) Shares Gap Up Following Strong Earnings

Shares of Carnival Corporation (NYSE:CUK) gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $21.57, but opened at $22.64. Carnival shares last traded at $23.71, with a volume of 1,882,178 shares.

The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.11. Carnival had a net margin of 8.07% and a return on equity of 26.53%. The firm had revenue of $6.33 billion during the quarter, compared to analyst estimates of $6.21 billion.

Hedge Funds Weigh In On Carnival

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CUK. Legal & General Group Plc boosted its stake in Carnival by 106.2% in the 4th quarter. Legal & General Group Plc now owns 6,917 shares of the company’s stock worth $156,000 after purchasing an additional 3,562 shares during the period. SBI Securities Co. Ltd. bought a new position in shares of Carnival in the fourth quarter valued at approximately $158,000. First Trust Advisors LP purchased a new position in Carnival during the fourth quarter valued at approximately $202,000. Ameriprise Financial Inc. bought a new stake in Carnival during the 4th quarter worth approximately $206,000. Finally, Truist Financial Corp bought a new stake in Carnival during the 4th quarter worth approximately $208,000. Institutional investors own 23.80% of the company’s stock.

Carnival Stock Up 8.0%

The company’s 50 day simple moving average is $19.51 and its 200-day simple moving average is $20.62. The company has a debt-to-equity ratio of 2.78, a quick ratio of 0.21 and a current ratio of 0.26. The firm has a market capitalization of $4.39 billion, a PE ratio of 15.52 and a beta of 2.67.

Carnival Company Profile

Carnival Plc operates as a global cruise and vacation company. The firm offers holiday and vacation products to a customer base that is broadly varied in terms of cultures, languages and leisure-time preferences. It operates through the North America and Australia (NAA), Europe and Asia (EA), Cruise Support, and Tour and Other segments.