Investors who bought stocks during the COVID-19 market crash in 2020 have generally experienced some big gains over the past two years. But there is no question some big-name stocks performed better than others since the pandemic bottom.
Royal Caribbean’s Big Run: One company that has been a great investment in the past two years has been cruise line giant Royal Caribbean Cruises Ltd (NYSE: RCL).
Unfortunately, after a solid decade of returns, Royal Caribbean experienced a near worst-case scenario to kick off the 2020s. The global COVID-19 outbreak shut down all of Royal Caribbean’s operations in March 2020, and its share price understandably tanked.
At the beginning of 2020, Royal Caribbean shares were trading at around $135. By the beginning of March, the stock had dropped below $82 after news of the virus spreading in China prompted concerns about a U.S. pandemic. On March 12, Royal Caribbean shares plummeted from $44.37 to close at $30.27. A day later, the company announced it would be suspending all cruises for 30 days.
The stock broke below $20 for the first time on March 18 and ultimately bottomed at $19.25 in intraday trading.
Related Link: If You Invested $1,000 In Costco (NASDAQ:COST) Stock One Year Ago, Here's How Much You'd Have Now
Royal Caribbean In 2022, Beyond: Since the 2020 market bottom, Royal Caribbean shares have recovered back to $76.33, but they still haven't made it back to their pre-pandemic highs.
Investors who bought Royal Caribbean stock on the day it hit its pandemic low and held their position have generated a sizable return on their investment. In fact, $1,000 in Royal Caribbean stock bought on March 18, 2000 would be worth about $3,357 today.
Looking ahead, analysts are expecting Royal Caribbean’s stock to trend higher in the next 12 months. The average price target among the 12 analysts covering the stock is $88.50, suggesting 16% upside from current levels.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read at Benzinga