Shares of Carnival Corp. /zigman2/quotes/202325446/composite CCL +12.59% rallied 8.8% in afternoon trading on very heavy volume Tuesday, but investors of the cruise operator may feel like they're backing into a third-straight gain. The stock was up as much as 26.8% earlier at an intraday high of $12.95, which would've been the biggest one-day gain since the stock went public in July 1987 if it closed at that price. Trading volume ballooned to 161.8 million shares, enough to make the stock the most actively traded on major U.S. exchanges, and well above the full-day average of about 67.2 million shares. The stock had gained 28.1% over the past 2 sessions, since closing last Thursday at a 27-year low of $7.97. On Monday, the stock soared 20.3% to mark the biggest-ever one-day gain, after the Saudi Arabia-based sovereign wealth fund The Public Investment Fund disclosed it had acquired a an 8.2% stake. On Tuesday, Deutsche Bank analyst Chris Woronka cut his stock price target to $11 from $32 while reiterating his hold rating. Carnival's stock is currently the 2nd-worst performer in the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.23% this year. It has lost 78.1% year to date, just behind rival Norwegian Cruise Line Holdings Ltd. /zigman2/quotes/204183397/composite NCLH +15.32% at No. 1 with a 82.1% decline, and just above rival Royal Caribbean Cruises Ltd. /zigman2/quotes/208854639/composite RCL +14.88% at No. 3 with a 76.1% drop.