Activist pressure from Elliott is colliding with years of underperformance and rising expenses, today, Feb. 17, 2026.
Norwegian Cruise Line
Today’s Change
(12.07%) $2.60
Current Price
$24.09
Key Data Points
Market Cap
$9.8B
Day’s Range
$22.60 – $24.45
52wk Range
$14.21 – $27.41
Volume
2.3M
Avg Vol
18M
Gross Margin
32.19%
Norwegian Cruise Line (NCLH +12.07%), a global operator of Norwegian, Oceania, and Regent cruise brands, closed at $24.10, up 12.15% for Tuesday’s session. The stock moved higher after Elliott Investment Management disclosed a stake of more than 10% and launched an activist campaign. Investors are watching for potential changes in governance, leadership, and strategy. Trading volume reached 59.6 million shares, about 219% above its three-month average of 18.7 million shares. Norwegian Cruise Line IPO’d in 2013 and has fallen 3% since going public.
How the markets moved today
The S&P 500 added 0.14% to finish at 6,846, while the Nasdaq Composite also rose 0.14% to close at 22,578. Within the cruise line industry, Royal Caribbean Cruises closed at $323.73 (1.29%), and Carnival finished at $32.68 (+2.86%), trailing Norwegian’s activist-driven gain.
What this means for investors
Tuesday morning, activist investment firm Elliott Investment Management disclosed that it had opened a stake of more than 10% in Norwegian Cruise Line, sending shares soaring. The cruise line industry has been rebounding over the last three years, but Norwegian has only grown its annualized total returns by 6%, compared to Carnival’s 40% and Royal Caribbean’s 64%.
Elliott noted that NCL’s SG&A expenses have grown nearly three times faster than its peers since 2013, and that a leadership and board shake-up is necessary to fix the stock’s cost structure. Once the top-tier operator in its niche, NCL now trades at a deeply discounted valuation to its peers, making Elliott’s activism a promising development for long-term shareholders.