Insider buying news for Tuesday includes a major transaction from a Carnival (NYSE:CCL) Board member.
The insider buying news has Board member Randall Weisenburger acquiring additional shares of CCL stock. Weisenburger purchased a total of 1.25 million shares of CCL stock for a price of $8.00 per share.
The transaction that saw Weisenburger acquiring the shares took place on Monday. In total, the Carnival Board member spent a total of $10 million to acquire the shares of CCL stock.
The insider buying news has Weisenburger massively increasing his stake in the cruise line company. Following the completion of this transaction, the CCL Board member now owns a total of 1.375 million shares of the stock.
Weisenburger’s decision to pick up additional shares of CCL stock comes as the company continues to struggle. This is due to the coronavirus from China hurting its business as travel slows to a crawl and businesses close up shop.
CCL stock last peaked at $51.90 a share on January 17, 2020. It’s now fallen 80.35% from that price and was sitting at $10.20 per share when markets closed on Monday. That downward trend may continue as the coronavirus continues to spread throughout the world.
On the flip side, this may result in Carnival seeing a stronger year in 2021. The company is still accepting future bookings and many passengers are taking credit instead of refunds for their canceled trips.
CCL stock was up 11.23% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.