October 4, 2022
Royal Caribbean Cruises (NYSE:RCL) Reaches New 1-Year Low Following Analyst Downgrade

Royal Caribbean Cruises Ltd. (NYSE:RCL – Get Rating) shares reached a new 52-week low during mid-day trading on Friday after Truist Financial lowered their price target on the stock from $70.00 to $65.00. Truist Financial currently has a hold rating on the stock. Royal Caribbean Cruises traded as low as $55.42 and last traded at $55.55, with a volume of 94657 shares changing hands. The stock had previously closed at $57.43.

A number of other equities analysts also recently commented on RCL. Citigroup started coverage on shares of Royal Caribbean Cruises in a research note on Thursday, February 10th. They set a “buy” rating and a $105.00 target price on the stock. Morgan Stanley decreased their price objective on Royal Caribbean Cruises from $65.00 to $61.00 and set an “underweight” rating on the stock in a report on Tuesday, February 8th. Stifel Nicolaus cut their target price on Royal Caribbean Cruises from $125.00 to $118.00 and set a “buy” rating for the company in a research note on Monday, March 14th. Deutsche Bank Aktiengesellschaft reduced their target price on Royal Caribbean Cruises from $81.00 to $76.00 in a research report on Friday, May 6th. Finally, Wells Fargo & Company assumed coverage on Royal Caribbean Cruises in a research report on Tuesday, March 29th. They set an “overweight” rating and a $93.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Royal Caribbean Cruises has a consensus rating of “Hold” and an average price target of $90.56.

In other news, CEO Michael W. Bayley sold 3,859 shares of the business’s stock in a transaction dated Friday, March 25th. The stock was sold at an average price of $77.02, for a total transaction of $297,220.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael W. Bayley sold 3,637 shares of the firm’s stock in a transaction that occurred on Tuesday, March 29th. The shares were sold at an average price of $80.00, for a total transaction of $290,960.00. The disclosure for this sale can be found here. 9.56% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Wealthfront Advisers LLC lifted its position in shares of Royal Caribbean Cruises by 8.4% during the 4th quarter. Wealthfront Advisers LLC now owns 48,588 shares of the company’s stock worth $3,736,000 after buying an additional 3,756 shares during the last quarter. IFP Advisors Inc grew its position in Royal Caribbean Cruises by 32.4% during the 4th quarter. IFP Advisors Inc now owns 6,599 shares of the company’s stock worth $510,000 after purchasing an additional 1,613 shares during the last quarter. WINTON GROUP Ltd acquired a new position in Royal Caribbean Cruises in the fourth quarter valued at $569,000. Oppenheimer & Co. Inc. raised its holdings in shares of Royal Caribbean Cruises by 16.2% in the fourth quarter. Oppenheimer & Co. Inc. now owns 13,096 shares of the company’s stock valued at $1,007,000 after buying an additional 1,821 shares during the last quarter. Finally, ProShare Advisors LLC boosted its stake in shares of Royal Caribbean Cruises by 32.1% during the fourth quarter. ProShare Advisors LLC now owns 44,274 shares of the company’s stock worth $3,406,000 after buying an additional 10,752 shares during the period. 73.74% of the stock is owned by institutional investors.

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