Whales with a lot of money to spend have taken a noticeably bearish stance on Carnival.

Looking at options history for Carnival (NYSE:CCL) we detected 9 trades.

If we consider the specifics of each trade, it is accurate to state that 11% of the investors opened trades with bullish expectations and 77% with bearish.

From the overall spotted trades, 2 are puts, for a total amount of $187,520 and 7, calls, for a total amount of $446,837.

Projected Price Targets

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $25.0 to $40.0 for Carnival over the last 3 months.

Volume & Open Interest Development

In today's trading context, the average open interest for options of Carnival stands at 6121.89, with a total volume reaching 1,409.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Carnival, situated within the strike price corridor from $25.0 to $40.0, throughout the last 30 days.

Carnival Option Activity Analysis: Last 30 Days

Significant Options Trades Detected:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
CCL	CALL	SWEEP	BEARISH	06/18/26	$4.1	$3.95	$3.96	$32.00	$143.7K	3.1K	365
CCL	PUT	TRADE	BEARISH	01/21/28	$8.3	$8.0	$8.3	$35.00	$104.5K	226	126
CCL	PUT	SWEEP	BULLISH	05/15/26	$3.1	$2.9	$2.9	$33.00	$82.9K	3	0
CCL	CALL	TRADE	BEARISH	03/20/26	$8.7	$7.9	$8.01	$25.00	$80.1K	2.6K	100
CCL	CALL	SWEEP	BEARISH	03/27/26	$2.4	$2.3	$2.3	$33.00	$74.7K	52	325

About Carnival

Carnival is the largest global cruise company, with more than 90 ships in service. Its portfolio of brands includes Carnival Cruise Lines, Holland America, Princess Cruises, and Seabourn in North America; P&O Cruises and Cunard Line in the United Kingdom; Aida in Germany; Costa Cruises in Southern Europe. It recently folded its P&O Australia brand into Carnival. The firm also owns Holland America Princess Alaska Tours in Alaska and the Canadian Yukon. Carnival's brands attracted nearly 14 million guests in 2025.

Current Position of Carnival

• With a volume of 4,476,478, the price of CCL is down -1.48% at $33.18.
• RSI indicators hint that the underlying stock may be approaching overbought.
• Next earnings are expected to be released in 37 days.

Expert Opinions on Carnival

In the last month, 2 experts released ratings on this stock with an average target price of $36.0.

• An analyst from Truist Securities persists with their Hold rating on Carnival, maintaining a target price of $34.
• An analyst from TD Cowen has decided to maintain their Buy rating on Carnival, which currently sits at a price target of $38.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics.