Redditors are Buying AMD and 4 Other Stocks on the Dip

3. Carnival Corporation and plc (NYSE:CCL)

Number of Hedge Fund Holders: 24  

Percentage Decrease in Share Price Over Past Six Months: 44% 

Carnival Corporation and plc (NYSE:CCL) operates as a leisure travel company. The stock has climbed in recent weeks as travel demand picks up following the easing of health regulations across the globe that were put in place during the pandemic. The impact of inflation on travel also appears to be easing. These two catalysts have spurred Redditors to buy shares in travel firms as analysts predict a travel boom right before the holiday period. The stock has climbed nearly 2% over the past few weeks. 

On July 22, Truist analyst Patrick Scholes maintained a Sell rating on Carnival Corporation and plc (NYSE:CCL) stock and lowered the price target to $8 from $15, citing big data on future bookings, pricing, and conversations with executives at large travel agencies. 

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Jade Capital Advisors is a leading shareholder in Carnival Corporation and plc (NYSE:CCL), with 150,000 shares worth more than $1.3 billion. 

In its Q2 2022 investor letter, Miller Value Partners, an asset management firm, highlighted a few stocks and Carnival Corporation and plc (NYSE:CCL) was one of them. Here is what the fund said:

“Amazingly, some companies like Carnival Corporation & plc (NYSE:CCL) (CCL, which we don’t own) made it back to its March 2020 lows when business was shut down with no sign of return. Carnival already resumed positive operating cash flow generation and disclosed stronger than historical bookings for 2023 at higher prices. The market focused on fear of recession and refinancing risk posed by higher rates.”